Oil Marketers Lift Petrol From Dangote Refinery At N1,014 Per Litre, Higher Than The Price of Imported Fuel
The Dangote Refinery and Petrochemical Company Ltd are selling Premium Motor Spirit, popularly called petrol, to oil marketers at 1,014.75 per litre.
Documents seen by GEENCEE revealed that the N1,014 75 per litre price sold by Dangote to oil marketers is broken down into two major cost components.
Based on the component, Dangote pegged petrol at N990 per litre with an additional variation cost of 2.5 per cent, which amounted to N24.75 per litre.
Findings by GEENCEE further revealed that the high price of petrol from Dangote Refinery contradicted expectations from Nigerians that the “crude-for-Naira” deal between the Federal Government and Dangote Refinery would reduce pump prices starting October 1, 2024.
THE WHISTLER had last month reported how independent oil marketers adjusted the pump price of petrol to reflect the price at which they bought the product from Dangote Refinery and Petrochemical Company.
Checks by GEENCEE revealed that many filling stations had adjusted their pump price of petrol to an average of N1,200 per litre.
The adjustment followed the full deregulation of the downstream sector of the petroleum industry, which allowed the Nigerian National Petroleum Company Ltd to end its exclusive purchase agreement with Dangote Refinery.
This effectively opened up the market for other marketers to buy petrol directly from the refinery.
The implication of this is that the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.
Credit: Whistler
