Abuja, Nigeria – Oil marketers in Nigeria are expressing growing concern over the delay in announcing the price of Premium Motor Spirit (PMS) being produced by the Dangote Petroleum Refinery. The landing cost of imported petrol has now reached about N1,120 per litre, making the situation even more pressing.
In July, the Major Energy Marketers Association of Nigeria disclosed that the landing cost of PMS was N1,117 per litre, but the price has since risen due to the ongoing global fuel crisis. While pump prices of petrol ranged between N600 and N700 per litre in July, they surged to between N855 and N897 per litre last week, with some independent dealers even pricing their fuel at over N1,000 per litre.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, highlighted that the delay in announcing Dangote’s PMS price has led marketers to initiate discussions with foreign partners to explore petrol importation options. According to Maigandi, if the Dangote refinery’s PMS price is too high, marketers may revert to importing fuel.
“It is an open market now, so anywhere we see a cheaper rate with good quality, we will buy from there,” Maigandi said, noting that competition would drive better availability and prices.
An official from the Dangote Group revealed that Alhaji Aliko Dangote is committed to keeping PMS prices competitive, despite the challenges with the Nigerian National Petroleum Company Limited (NNPC). While the NNPC has yet to finalize the purchase of Dangote’s PMS, Dangote has made it clear that his refinery is ready to sell locally, regardless of NNPC’s involvement.
The NNPC stated it would only off-take PMS from Dangote Refinery if the market price was cheaper than international rates. This standoff between the two companies, combined with the high landing costs of imported fuel, has kept oil marketers and consumers in suspense.
As the situation evolves, it remains uncertain when the Dangote refinery’s PMS will hit the market, leaving Nigeria reliant on costly fuel imports that continue to put pressure on the economy.