Dangote Petroleum Refinery has raised its ex-depot price for Premium Motor Spirit, (also known as petrol) to N880 per litre, from N825 per litre, a difference of N55 per litre.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Shettima confirmed the development to TheCable on Saturday.
‘We are aware that the refinery has reviewed the price to N880 per litre. Our members have been informed’, he said.
The development comes days after the refinery offered nationwide logistics for petrol, and diesel distribution.
The refinery said it also acquired 4,000 new Compressed Natural Gas (CNG)-powered tankers to enhance its fuel distribution capacity across the country.
‘It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians’, the refinery said.
Following the development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the Dangote Refinery’s forward integration adoption could lead to a monopoly in disguise, and might cause significant job loss in the downstream sector.
On 19 June, Major Energies Marketers Association of Nigeria (MEMAN) also called for clarity on Dangote refinery’s proposal for nationwide logistics for petrol and diesel distribution.
Analysts said the refiner’s decision could be a game-changer with potential benefits for end users, though it might pose challenges for the downstream sector.
