A new price for Premium Motor Spirit (PMS), also known as petrol, has emerged at Dangote Petroleum Refinery.
Data seen by Legit.ng showed that Dangote Refinery on Thursday, October 9, increased petrol price for marketers to N838 per litre.
This represented an increase of N5.50, or 0.66%, compared to the previous rate of N832 per litre.
The new prices also reflected the growing competition between the state oil company and private depot operators.
According to market data obtained from petroluemprice.ng, other depots also made price changes. Emadeb now sells at N838 per litre, up by N4; Coolspring at N835, down by N3; Aiteo at N837, up by N2; Sobaz at N870, up by N15; and Sigmund at N860, up by N6.
Liquid Bulk, Pinnacle, Menj, and Aipec recorded mixed movements ranging between N836 and N865 per litre. With Dangote’s latest price aligning closely with market averages, analysts expect independent marketers to adjust retail prices.
Dangote Refinery had earlier promised that direct sales to marketers would help reduce petrol prices.
The refinery slashed its ex-depot price to N820 and projected that retail prices would range between N841 and N851 per litre.
The company stated that by cutting off middlemen and supplying petrol directly to filling stations, pump prices would reflect more competitive market rates.
The message reads: “Enjoy free delivery of petrol to your stations. Join leading companies and enjoy the benefits of free delivery while offering Nigerians lower pump prices.”
However, the latest Dangote Refinery price adjustment shows that market realities are still dictating costs, with the refinery now selling petrol to marketers at N838 per litre.
