Nigeria is expected to experience a decline in petrol prices in the coming days as the Dangote Refinery has resumed loading the product to marketers. According to the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, the association’s members have started loading petrol at the 650,000-barrel-per-day refinery. This development is anticipated to alleviate the fuel supply shortage across the country.
Maigandi confirmed that the current loading price is N877 per liter, up from N820, and expressed optimism that the increased availability of fuel would lead to a reduction in petrol prices. He stated, “We are expecting that with the availability of the product, the price would drop a little bit. I can’t say how much a drop is expected, but there would be a reduction in price.”
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, also hinted that the availability of fuel would push prices down, providing relief to Nigerians. He noted that when there are sufficient petrol products, the country should have enough supply to guarantee affordability.
In recent weeks, petrol prices have surged to between N940 and N965 per liter in parts of Abuja, attributed to a supply glitch in the Dangote Refinery. However, with the refinery’s resumption of loading, several filling stations, including MRS, Emedeb, Optima, and Bova, have resumed dispensing fuel.
Last week, the Vice President of Dangote Industries, Devakumar Edwin, announced that over 310 million liters of premium motor spirit had been billed for loading at the refinery plant. The Nigerian National Petroleum Company Limited and other filling stations had previously increased petrol prices from between N905 and N910 per liter to N940 to N965 per liter.
The resumption of loading at the Dangote Refinery is expected to ease the fuel supply shortage and bring prices down. As the situation develops, Nigerians can anticipate a decrease in petrol prices, providing much-needed relief to consumers. With the increased availability of fuel, the country’s oil and gas sector is poised to experience a significant improvement in the coming days.