Fuel Price Set To Drop As Marketers Resume Loading

The price of Premium Motor Spirit (PMS), popularly known as petrol, may soon drop across Nigeria as petroleum marketers resume loading operations at the Dangote Refinery.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed that members of the association have started loading petrol at the 650,000-barrel-per-day Dangote Refinery a move expected to ease the current fuel supply shortage nationwide.

“Our members have started loading at the Dangote Refinery at N877 per litre, up from N820,” Maigandi said. “With the availability of the product, we expect the price to drop a little. I can’t specify by how much, but there will certainly be a reduction.”

Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed optimism that increased supply would stabilize prices and bring relief to consumers.

“Whenever sufficient petrol products are made available from the Dangote Refinery or from other major marketers, the country will be well supplied to ensure affordability,” he said.

A market survey showed that several filling stations, including MRS, Emedeb, Optima, and Bova, have resumed dispensing petrol.

In recent weeks, fuel prices had surged to between N940 and N965 per litre in parts of Abuja, following supply disruptions attributed to temporary operational glitches at the Dangote Refinery.

However, the Vice President of Dangote Industries, Devakumar Edwin, recently disclosed that over 310 million litres of petrol had been billed for loading at the refinery a development expected to boost nationwide supply.

With the renewed loading activities, stakeholders are hopeful that the market will soon experience a price correction, easing the burden on consumers across the country.

Daily Post