Oil Marketers Plan To Import Fuel Cheaper Than Dangote Refinery’s Prices

Oil Marketers Plan To Import Fuel Cheaper Than Dangote Refinery’s Prices

The move follows revelations that the refinery’s petrol costs between N1,015 and N1,028 per litre, based on purchase quantity.

Oil marketers have disclosed plans to offer imported Premium Motor Spirit (PMS), commonly called petrol, at prices below those set by the Dangote Petroleum Refinery in Lagos.

The move follows revelations that the refinery’s petrol costs between N1,015 and N1,028 per litre, based on purchase quantity.

Data from the Major Energies Marketers Association of Nigeria (MEMAN) indicates that, as of 31 October 2024, the landing cost for petrol was N978.01 per litre, while diesel and aviation fuel cost N1,069.97 and N1,119.67 per litre, respectively, PUNCH reports.

Since Dangote began local fuel production, it has withheld official pricing details, though major marketers confirm the refinery’s rates exceed imported fuel prices.

“Imported PMS is cheaper than the cost of Dangote’s own, and that is why he is doing all he can to ensure that the government stops the importation of fuel,” said an anonymous marketer.

Meanwhile, the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) assured that its imported fuel would arrive at an estimated N800 per litre. “PETROAN will sell far less than Dangote. It will sell at prices far less than NNPC,” stated PETROAN’s Publicity Secretary, Dr Joseph Obele.

Obele further asserted that PETROAN had partnered with international suppliers, preparing to import cheaper PMS as soon as regulatory approval is granted.

“We are calling on the regulatory agency to release our authority to import in no distant time so our first stock will come in,” he added.

Yakubu Suleiman, National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), echoed these sentiments, noting, “The price of fuel from Dangote refinery was higher than the cost of commodities imported.”

Tony Chiejina, Chief Corporate Communications Officer for Dangote Group, dismissed reports on the refinery’s pricing as “fake news.”

He declined to reveal actual rates but questioned the accuracy of the figures circulating.