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- Oil marketers have vowed to crash petrol prices below Dangote refinery’s prices with imported fuel
- The development comes as the Dangote refinery released its petrol prices, refuting the marketers’ assertions
- The marketers said that they have signed deals with international suppliers to import the product cheaply into the country
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Oil marketers have disclosed that petrol prices produced by the Dangote Refinery sell for between N1,015 and N1,028 per litre, depending on the quantity.
The marketers disclosed this even as the mega refinery refuted the claims and released petrol prices from the plant.
Dangote releases petrol prices
The refinery pegged its prices at N990 and N960 per litre, depending on the mode of transportation.
Based on this, the marketers vowed to import and sell the product below the Dangote refinery and NNPC prices.
Landing cost reportedly crashes
According to data from the Major Energies Marketers Association of Nigeria (MEMAN) released on Thursday, October 31, the landing cost of petrol was about N978.01 per litre.
The data stated that the landing cost of diesel was N1,069.97 per litre, while that of aviation fuel was N1,119.67 litre.
The landing cost of these products is the unit price of the imported commodities coming to Nigeria’s shores.
However, the Dangote refinery has refuted the landing cost of the products, stating that any imported products sold below its price are substandard.
Source: UGC
Marketers vow to sell below Dangote’s price
Punch reports that an anonymous major marketer confirmed that Dangote’s petrol prices were higher than imported PMS.
The official reportedly said the $20 billion refinery currently sells to oil marketers purchasing bulk products at N1,015 per litre and others at N1,028.
The marketer disclosed that three cargoes with petroleum products recently berthed at Nigerian ports.
The report said that marketers under the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) promised to sell imported petrol below Dangote’s prices.
The association said its PMS would also be cheaper than the NNPCL.
PETROAN’s publicity secretary, Joseph Obele, reportedly said that Dangote’s price might be higher due to the refinery’s imported crude.
Obele said the association has signed deals with international suppliers to import petrol reasonably, and the product will arrive in Nigeria soon at N800 per litre.
Obele refused to disclose the exact quantity expected but stated that imported PMS by the association would sell cheaper.
Four marketers import N833 billion in fuel
Legit.ng earlier reported four prominent marketers have imported N833 billion worth of fuel in the first nine months of this year.
The change has allowed marketers to operate in a more market-driven environment, leading to more financial gains.
Subsidy removal leads to increasing gains for marketers
In the first nine months of 2024, four prominent oil marketers reported a vast revenue gain, earning about N1.3 trillion from selling petroleum products to Nigerians.
Despite the vast fuel import costs, the oil firms spent N833.86 billion importing petroleum products within the period, increasing their gross profit on petrol sales to N465.92 billion.
Seven vessels land with petroleum products
A previous report by Legit.ng disclosed that the Nigerian Ports Authority has disclosed that seven ships would dock with crude oil on Friday, November 1, 2024, at the Lagos ports.
The NPA disclosed this in its Daily Shipping Position, saying seven vessels out of the nine expected would discharge diesel, crude oil, bulk urea, petrol and aviation fuel.
Marketers speak of Dangote petrol price and imported fuel
Legit.ng previously reported that petroleum products marketers have explained why they have not purchased petrol from the Dangote Refinery despite ample supplies.
The development followed a recent alarm by the Chairman of the Dangote Group, Aliko Dangote, over the alleged boycott of his refinery by the Nigerian National Petroleum Company Limited (NNPC) and marketers.
The Nigerian billionaire said that the persistent queues in several filling stations nationwide are caused by marketers and NNPC not patronising his refinery.
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Source: Legit.ng
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