Imported petrol beats Dangote on price

The landing cost of imported Premium Motor Spirit (petrol) is now lower than the gantry price of the commodity from the Dangote Petroleum Refinery, following the refinery’s decision to hike prices, The PUNCH reports.

Data from the Major Energies Marketers Association of Nigeria show that the landing cost of imported petrol was N728.88 per litre as of last week.

However, on Monday night, the Dangote refinery announced an increase in its gantry price of petrol from N699 to N799 per litre. The new price increase means that Dangote’s gantry price is about N70 higher than the landing cost of imported PMS.

As a result of the new price rise, the refinery said MRS filling stations would now sell petrol at N839 per litre. Checks by our correspondent on Tuesday confirmed that MRS filling stations had raised their prices from N739 on Monday to N839, following the announcement by the 650,000 barrels-per-day Lekki refinery.

In a statement Monday night, the refinery said it realigned petrol prices modestly because the festive period was over. The company explained that the reduction was at a sustainable level, to support long-term market stability and affordability.

The refinery reaffirmed its commitment to market stability and an uninterrupted nationwide supply of petrol.

It recalled that during the recent festive period, it implemented a deliberate and temporary price support intervention to cushion Nigerians at a time of heightened household spending.