Dangote jerks up fuel price nationwide

News Update

Dangote Refinery has announced a N100 per liter increase of the retail price of Premium Motor Spirit nationwide.

The company disclosed this in a statement on Monday.

According to the $20 billion refinery plant, its gantry price of petrol is now sold at N799 per liter, while the retail price is N839 per liter, up from N699 and N739 per liter sold since December last year.

“Under the current alignment, the PMS gantry price is N799 per liter, while MRS retail outlets are selling at N839 per liter,” the company stated.

The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, stated that the refinery continues to supply the domestic market with approximately 50 million liters of PMS daily, with nationwide evacuation and distribution operating normally.

This newspaper recalls that Dangote Refinery resorted to gasoline imports to boost its capacity amid its Residual Fluid Catalytic Cracker, RFCC, downtime, according to Kpler.

As of Monday night, retail filling stations, including Nigerian National Petroleum Company Limited, dispense petrol between N805 and N830 per liter.

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However, Dangote’s fuel price hike may trigger a petrol price hike across the country’s downstream sector.
Recall that Aliko Dangote, the president of the refinery, had in December last year said that its N739 per liter retail fuel price would persist nationwide to edge out importers.

In the briefing with journalists, precisely on Sunday, 14th December, Dangote said, “We don’t want people to sell petrol for more than N740 nationwide.”