Three major Nigerian Petroleum marketers—Dangote Petroleum Refinery, Aiteo, and AA Rano—have increased depot prices for Premium Motor Spirit (PMS), commonly known as petrol, from N821 to N823 per litre.
The adjustment, made over the weekend, follows a rise in global crude oil prices from $65 to $67 per barrel.
Vanguard’s investigations confirmed that Nigeria’s competitive downstream sector continues to respond to global market dynamics.
While pump prices remain unchanged for now, they may rise this week if market conditions persist.
“Frequent depot price adjustments stem from low crude oil prices and competition among downstream players. We expect more changes in the coming weeks as global oil markets evolve, with pump prices likely to reflect these shifts.”
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), emphasized the dynamic nature of the domestic market and its responsiveness to global trends.
He advocated for privatizing government-owned refineries, stating, “Full privatization, with involvement from grassroots stakeholders like PETROAN and MEMAN, is the key solution.”
Meanwhile, Dangote Petroleum Refinery plans to boost its capacity by 7.7%, from 650,000 to 700,000 barrels per day.
The refinery’s operations have already disrupted traditional petroleum product flows, particularly from Europe, by meeting Nigeria’s domestic demand and exporting globally.
This shift has impacted European gasoline markets, with OPEC noting that Dangote’s production is reducing Europe’s gasoline inventories and prompting new global market adjustments.
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