Filling Stations Announce New Fuel Prices After Dangote’s Decision

• There is a new fuel price at various filling stations across the country following Dangote Refinery's decision to raise ex-depot prices
• Petrol is now selling above N900, including at retail stations of marketers buying directly from the Dangote Refinery
• The NNPC remains the cheapest place to buy petrol at N915, but this is expected to change soon due to rising crude oil prices

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Fuel prices have increased across Nigeria following Dangote Refinery’s decision to raise its ex-depot petrol price.

A survey conducted by Legit.ng shows that petrol pump prices have risen above N900 per litre at several filling stations.

On Friday, June 20 evening, Dangote Petroleum Refinery decided to increase its petrol price for marketers to N880 per litre.

The new price is a N55 increase when compared to the previous price of N828 per litre quoted by the refinery.

Filling stations adjust petrol prices

To reflect the new quoted price from Dangote Refinery, several retailers, including those sourcing directly from the $20 billion facility, have adjusted their pump prices.

MRS Oil Nigeria, one of the major marketers in the country and a direct partner of Dangote Refinery, announced a nationwide increase of N60 in its petrol pump prices.

In a statement released on Saturday, June 21, MRS said petrol is now selling at N925 per litre in Lagos, up from N865 just days ago.

In the South-West region, the price has been adjusted to N935 per litre.

For the N945 in the North-West and North-Central, and N955 in the South-South, South-East, and North-East regions.

Not only MRS, but other Dangote partners such as Technoil and Optima Energy have also adjusted their petrol pump prices.

As of Sunday, morning, June 22, Mobil stations are selling N930, NNPC remains at N915, and Ardova at N930.

An Ardova station attendant who gave his name as Wasiu told Legit.ng that he expects changes soon.

"Most filling stations around us have adjusted their prices. We have not yet received instructions to make any changes, but I expect it to change by Monday."

Why Dangote price changes are important

As the sole domestic PMS supplier, Dangote Refinery sets the tone for the downstream market.

The latest price adjustment follows a rise in global crude oil prices, which have impacted Nigeria, as Dangote continues to import crude for production.

Exchange rate fluctuations and other operational costs are also factored into the pricing.

Fuel should be N700 says PENGASSAN

Earlier, Legit.ng reported that Festus Osifo, President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has accused oil marketers of exploiting Nigerians by keeping petrol prices artificially high.

According to Osifo, the current pump price should fall within the range of N700 to N750 per litre, reflecting recent declines in global crude oil prices. He criticised the apparent disconnect between falling international oil prices and the stagnant retail cost of petrol in the country.

He argued that if Nigerians are made to bear the burden of rising fuel costs when crude prices climb, they should equally enjoy relief when global prices drop.

Source: Legit.ng