- Dangote Petroleum Refinery has approved limited petrol loading for 20 selected marketers
- The approved marketers include NIPCO Plc, Conoil, TotalEnergies, MRS, NNPC Retail
- The refinery has also revised ex-depot prices for petrol and also diesel to reflect market reality
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Dangote Petroleum Refinery has approved limited loading of Premium Motor Spirit (PMS), commonly known as petrol, for a select group of marketers after earlier suspending truck-out operations at the facility.
Photo: Bloomberg
Source: Getty Images
New approved list of marketers
According to Petroleumprice.ng the refinery released a list of 20 consortium marketers permitted to continue lifting petrol from the $20 billion facility on Monday, March 9, while other marketers remain on hold pending further directives from management.
The development follows the temporary suspension of petrol loading at the refinery, during which several trucks were asked to leave the premises.
Read also
Dangote Refinery increases fuel prices for the fourth time; new rates of petrol and diesel emerge
The marketers approved include:
. Heyden
2. Integrated
3. Techno
4. Fatgbems
5. Nipco plc
6. AA Rano
7. Conoil
8. AYM Shafa
9. Northwest
10. Ardova Plc
11. NNPC retail
12. Masters Energy
13. Nepal Energies
14. Sobaz
15. Optima
16. Bovas
17. Soroman
18. MRS
19. Total Energies
20. Rainoil/Eterna
Photo: Bloomberg
Source: Getty Images
Dangote increase ex-depot prices again
Meanwhile, the Dangote refinery has revised its ex-depot prices for the fourth time since March 2, increasing the gantry price of petrol to N1,175 per litre on Monday, March 9. a significant jump from the previous N995 per litre.
Automotive Gas Oil (AGO), commonly known as diesel, was also raised to N1,620 per litre an increase from earlier N1,430 per litre level.
Industry sources said the latest adjustment marks the fourth price review in less than two weeks, a move that once again reflect market reality amid ongoing conflict in the middle east.
Read also
Again, NNPC hike petrol prices by N118, second increase in 24 hours
NMPDRA explains petrol hike
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said fluctuations in petrol pump prices across Nigeria are a result of market dynamics under the country’s deregulated downstream petroleum sector.
The authority’s spokesperson, George Ene-Ita, stated this in an interview with the News Agency of Nigeria in Abuja while reacting to the recent increase in fuel prices linked to the ongoing crisis in the Middle East.
According to him, variations in pump prices are largely determined by supply and demand forces rather than direct regulatory intervention.
Ene-Ita explained that Nigeria has operated a fully deregulated downstream petroleum sector since the beginning of the current administration.
“Nigeria has been operating a fully deregulated downstream petroleum regime since the inception of the current administration. Therefore, pump price vagaries are purely as a result of market dynamics,” he said.
He added that under the deregulated framework, petroleum product prices respond to prevailing market realities, including supply conditions and global crude oil prices.
Top 10 states with lowest petrol prices in Nigeria
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) has revealed that the average retail price of petrol declined year-on-year.
According to the bureau, Borno, Sokoto, and Kogi recorded the highest petrol prices during the review period, while Oyo, Nasarawa, and Lagos posted the lowest average retail prices across the country.
Source: Legit.ng