Dangote Refinery Returns To Full Capacity, Hikes Petrol Price To ₦877 Per Litre

According to Ireporter Online, the Dangote Petroleum Refinery has fully resumed operations and adjusted the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦877 per litre. This marks a seven percent increase from its previous rate of ₦820 per litre.

Market assessments indicate that bulk buyers, particularly oil marketers purchasing volumes of two million litres and above, will continue to enjoy preferential pricing compared to smaller depot owners.

Despite the recent increment, Dangote’s petrol remains more affordable than prices at several private depots, which currently sell between ₦890 and ₦900 per litre. Data made available by Petroleumprice.ng revealed that major depot operators like Pinnacle and Rainoil fixed their selling prices at ₦890 and ₦885 per litre, respectively, while Optima and Matrix adjusted theirs to ₦880 and ₦890 per litre.

Commenting on the development, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, noted that Dangote’s massive production capacity continues to shape market trends across the downstream sector. He stated that with the refinery’s output influencing the market, depot owners and other players are expected to realign their prices in the coming weeks, which could potentially drive down the cost of petrol nationwide.

Jeremiah added that consumers should anticipate a gradual reduction in pump prices as competition intensifies.

Meanwhile, the President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Obasi, praised the management of the Dangote Refinery for sustaining production despite multiple operational and economic challenges.

Obasi described the refinery as a monumental stride toward Nigeria’s quest for energy independence, foreign exchange stability, and job creation. He reaffirmed OGSPAN’s commitment to supporting public enlightenment on the benefits of domestic refining and the refinery’s contribution to national energy security.