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Breaking News: Dangote Refinery Resumes Full Operations, Raises Petrol Price to ₦877 per Litre
The Dangote Petroleum Refinery has resumed full operations, increasing the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from ₦820 to ₦877 per litre, representing a 7 per cent rise.
According to market findings, oil marketers purchasing two million litres and above will continue to enjoy a slightly lower rate compared to independent depot owners. Despite the increase, Dangote’s price still remains cheaper than the ₦890–₦900 per litre currently charged by most private depots across the country.
Data released by Petroleumprice on Thursday revealed that major depot operators such as Pinnacle and Rainoil are selling at ₦890 and ₦885 per litre respectively, while Optima and Matrix adjusted their prices to ₦880 and ₦890 per litre.
The Chief Executive Officer of Petroleumprice, Olatide Jeremiah, explained that the Dangote Refinery continues to play a significant role in determining market trends due to its massive capacity.
“The downstream sector continues to witness a price war. With its huge size and capacity, the 650,000 barrels per day refinery determines the pace. Depot owners and others have to follow,” Jeremiah said.
“We expect depot prices to drop in the coming weeks, and we hope this reduction will eventually reflect at filling stations nationwide.”
Reacting to the development, Mazi Obasi, President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), praised the Dangote Refinery’s management for maintaining production despite economic challenges and sabotage attempts within the oil and gas value chain.
“The management and staff of Dangote Refinery should be commended for the successful resumption of operations and their resilience in overcoming hurdles,” Obasi stated.
“This project is a game changer for job creation, foreign exchange stability, and national energy security.”
Obasi further described the refinery as a major milestone in Nigeria’s quest for energy independence and economic stability, adding that OGSPAN would continue to support initiatives promoting local refining.