Petrol stations sell petrol N1,300 per litre in Lagos, Ogun States
DANGOTE Petroleum Refinery has increased its ex-depot petrol price to N1,215 per litre from previous N1,075 per litre, representing 13.02 per cent increase, Nigerian Tribune has gathered.
This is coming following the resumption of gantry loading of Premium Motor Spirit (PMS) in naira after one week of suspension of truck loading.
Recall that the refinery suspended both coastal and gantry loading on Wednesday, July 15, after introducing a dollar-denominated pricing template for refined petroleum products.
This move generated controversy among Nigerians and disrupted supply across the downstream sector.
It also compelled marketers to source products from the private depots.
However, Nigerian Tribune’s survey shows that most filling stations in both Lagos and Ogun States are now sell petrol N1, 300 per litre from N1,220 per litre two days ago.
This is also coming as price of Brent crude hovered around $92 per barrel on Wednesday.
A source said that most marketers have now been notified of the resumption of gantry operations by Dangote Refinery, with loading expected to commence immediately under the revised naira pricing.
The news comes barely a day the refinery resumed coastal loading of PMS, introducing a new coastal price of $1,161.23 per metric tonne, up from the previous $1,044.62/MT, representing an increase of $116.61/MT.
The resumption of coastal loading has also been communicated to customers.
As at Monday, truck traffic across major private petroleum depots in Lagos surged as marketers scramble for petrol supplies amid growing expectations that wholesale prices could rise when Dangote commences operation.
However, with the resumption of coastal loading activities by the refinery, it is expected that the truck logjam will naturally disappear around Apapa depots Before the suspension, Dangote Petroleum Refinery had attributed its decision to migrate to Petrol’s dollar sale to the inability of the Nigerian National Petroleum Company Limited to honour its obligations under the arrangement.
According to the refinery, NNPCL only supplied 3 out 14 cargoes expected under the Naira for Crude arrangement.
This, the refinery said represented less than 25 percent of the expected volume of crude of the obligation.
According to an official of the refinery, crude volumes delivered under the arrangement were insufficient to support the refinery’s expectations.
However, NNPCL maintained it supplied all crude cargoes available under the naira-for-crude arrangement and had not withheld feedstock from the refinery.
