See more as Dangote announces new petrol prices, awaits orders from filling station owners

• Aliko Dangote's refinery has announced the actual cost of petrol from its refinery when selling to marketers
• The revelation follows accusations from filling station owners that Dangote petrol is sold above N1,000 per liter
• The refinery also emphasized that its petrol is of far higher quality, describing imported petrol sold by marketers as substandard

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

Dangote petroleum refinery has announced that it sells prices of Premium Motor Spirit (PMS), also known as Petrol for ship deliveries at N960 per litre and N990 per litre for truck supplies.

The petrol pricing was disclosed in a statement by Anthony Chiejina, the refinery’s Group Chief Branding and Communications Officer.

Dangote Refinery has made public its petrol pricing Photo credit: Bloomberg/contributor
Source: Getty Images

The new Dangote petrol price represents an increase compared to the earlier price announced by the Nigerian National Petroleum Company Limited (NNPC Ltd) in September.

NNPC Ltd had revealed that Dangote’s PMS gantry price was N898. When additional costs, including logistics and the NMDPRA fee, are added, the price of Dangote petrol is N950.22 per liter.

Dangote refinery justify pricing

In the statement Dangote Refinery also dismissed claims by marketers that its prices is higher than imported fuel.

"Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks."This established our pricing benchmark, and we've further reduced the rate to N960 per liter for sales into ships, while keeping it at N990 per liter for truck sales. "We set our prices based on international standards. If anyone claims they can bring in PMS at a lower price, they are likely bringing in substandard products and collaborating with international traders to flood the market with low-quality fuel, disregarding both the health of Nigerians and the durability of their vehicles."

NNPC raises petrol price

Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPC) had raised the petrol price again.

This is the third time the national oil firm had increased petrol prices in the last 60 days.

The development came as Aliko Dangote, chairman of the Dangote Group, said that petrol was idle at his refinery without patronage.

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Source: Legit.ng