More Competition As Petrol Landing Cost Drops, Dangote Refinery, NNPC Announce New Pump Prices
- Importers of petroleum products into Nigeria are set to compete with Dangote Refinery's fuel prices
- The cost of landing petrol in the country has dropped in recent days following changes in global crude oil prices
- Already, marketers secured regulatory approval to import 117,000 metric tonnes, which is equivalent to 156.897 million litres
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The price competition between going on in the downstream sector is set to intensify as the cost of imported Premium Motor Spirit (PMS), commonly known as petrol drops again.
According to figures from the Major Energies Marketers Association, the average price of bringing petrol into the country has dropped to N848.45 per litre as of Wednesday, April 16.
Source: Getty Images
The latest price is a reduction from the previous average of N969.33 per litre recorded at the same time the previous month.
The change is driven by a sharp decline in global crude prices, as Brent crude has fallen to $65 per barrel.
Since the drop, depots are now offering petrol at prices nearly equal to those of the Dangote Refinery, averaging between N838 to N873 per litre.
Punch reported that Dangote Refinery recently announced a reduction in the gantry price of petrol to N835.
However, reports show that the price at Dangote has slightly increased to N839 as of Wednesday, April 2023.
PetroleumpriceNg reveal that the current lowest depot petrol prices are offered by Menj and Matrix Lagos at N838, followed by Dangote at N839 and Aipec at N840.
While petrol are priced between N842 to N855 at depots like Aiteo, A.A Rano, Sahara, and Matrix Warri are within this category.
The highest prices are recorded at Sigmund, Sobaz, and Masters, with Masters selling at N873 per litre.
Source: Getty Images
Price competition between Dangote and NNPC
In a few days apart, the Dangote petroleum refinery and the Nigerian National Petroleum Company (NNPC) Limited adjusted their retail prices for petrol.
Dangote refinery, through its key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Tecno Oil, will offer petrol at N890 per litre.
In the South-West, the price will be N900 per litre. In the North-West and North-Central, the price will be N910 per litre.
In the South-East, South-South, and North-East, the price will be N920 per litre.
The NNPC filling stations also slashed petrol pump price to N880 per litre on Monday, April 21, for its Lagos retail stations.
While in Abuja, the pump price for petrol has reduced to N935 per litre from the previous price of N950 per litre.
NNPC shares plan to attract $60 billion investment
Earlier, Legit.ng reported that the NNPC Limited has rolled out a 5-year plan which includes crude oil production and revenue.
The comprehensive plan addresses key issues like attracting investment into the sector, up to $60 billion investments between now and 2030, as well as increasing daily crude production to 2 million barrels.
The plans unveiled by the new NNPCL boss also extend to increasing gas production in Nigeria.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
James Ojo (Copyeditor) James Ojo is a copy editor at Legit.ng. He is an award-winning journalist with a speciality in investigative journalism. He is a fellow of Nigeria Health Watch Prevent Epidemics Journalism Fellowship (2023), WSCIJ Collaborative Media Project (2022), ICIR Health Reporting (2022), YouthHubAfrica’s Basic Education Media Fellowship (2022), Countering the Fake News Epidemic (MacArthur Foundation) 2021, and Tiger Eye Foundation Fellowship. Email: james.ojo@corp.legit.ng
