Imported petrol has become cheaper than supplies from the Dangote Petroleum Refinery after the refinery raised its prices, industry data and company statements showed this week.
Data from the Major Energies Marketers Association of Nigeria indicate that the landing cost of imported Premium Motor Spirit stood at 728.88 naira per liter as of last week.
By contrast, the Dangote refinery on Monday night increased its gantry price of petrol to 799 naira per liter from 699 naira, putting its price about 70 naira higher than the cost of imported fuel.
Following the hike, the refinery said retail outlets operated by its partner, MRS Oil Nigeria Plc, would sell petrol at 839 naira per liter. Checks on Tuesday confirmed that MRS filling stations raised pump prices from 739 naira on Monday to 839 naira after the announcement by the 650,000-barrels-per-day Lekki-based refinery.
In a statement, Dangote said it adjusted petrol prices after the end of the festive season, when it had offered temporary price support to ease pressure on consumers amid higher household spending.
The refinery said the new pricing was set at a sustainable level to support long-term market stability, affordability and uninterrupted nationwide supply of petrol, reaffirming its commitment to maintaining steady fuel availability across Nigeria.
