Petrol depot prices to drop more than 4% as Dangote Refinery restores Naira sales
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By Udeme Akpan, Energy Editor
The depot prices of Premium Motor Spirit, PMS, also known as petrol, could drop by more than 4.19 per cent to N835 per litre from N870 per litre as the Dangote Petroleum Refinery resumes sales on Naira.
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Confirming the resumption, the refinery, stated: “Following the intervention of the Naira for Crude Transaction Committee Chairman, we are pleased to inform you of the resumption of PMS Sales in Naira commencing Immediately.
“You may kindly proceed to place your orders in Naira for both self-collection and free delivery of PMS to the earlier advised locations across the country,” it said.
The company explained that the temporary suspension of Naira-denominated petrol sales, announced on Friday and initially scheduled to take effect from Sunday, 28 September, has been lifted.
Dangote Refinery urged customers to disregard the earlier suspension notice, assuring that sales would continue without interruption to guarantee affordable petrol supply for Nigerians.
Earlier, checks by Vanguard at some depots, weekend, showed that Matrix (Calabar), Sigmund and others had increased prices to N870 per litre from N835 per litre following the suspension of sales in Naira.
Analysts had expected that the depot prices would rise to N900 per litre as the domestic market continues to respond to changes.
In an interview with Vanguard, the National President of Oil and Gas Service Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, had said the suspension of petrol in Naira would impact the domestic market.
He said: “The suspension of petrol in Naira would have adverse effects markets. I hear that Dangote Refinery said that it has not been able to get crude oil supplies on a sustainable basis. This is sad.”
Similarly, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria, MEMAN, Mr. Clement Isong, had said: “The Dangote Petroleum Refinery is located in a free zone, allowing it to import crude oil, produce, and export petroleum products in dollars. The refinery can also refine and deliver petroleum products locally in dollars, with only gantry sales transacted in naira. In the past, Dangote coastal sales have been predominantly in USD, but there have been some transactions in Naira.
“In cases of disputes, all parties should be free to escalate issues for resolution through wider consultation. If such consultations fail, the sector regulator should intervene by applying relevant laws.”
He added: “I believe this matter will receive the required attention and will be resolved before it escalates further.”
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