There are strong indications that the pump price of petrol may soon drop across the country, following the resumption of product loading by independent marketers at the Dangote Refinery.
This development, industry stakeholders say, is expected to ease the current supply constraints and bring much-needed relief to motorists and households grappling with rising fuel costs.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed on Monday that his members had commenced loading Premium Motor Spirit (PMS) at the 650,000-barrel-per-day refinery.
Maigandi explained that the resumption of loading was a positive signal for the downstream sector, noting that greater product availability would naturally trigger a price reduction.
“Our members have started lifting products from the Dangote Refinery at N877 per litre, up from N820 previously. We believe that with improved supply, prices will begin to ease. Although it’s difficult to give an exact figure, we expect a noticeable drop soon,” he said.
Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, echoed this optimism, stressing that an adequate supply of petrol from the refinery and other major depots would stabilise the market.
“Once there are sufficient volumes of petrol circulating across the country, affordability and steady availability will follow,” Gillis-Harry assured.
Findings across some parts of the country on Monday revealed that several filling stations, including MRS, Emedeb, Optima, and Bova, had resumed dispensing fuel — a development that industry analysts interpret as an early sign of market recovery.
In recent weeks, the price of petrol had spiked to between N940 and N965 per litre in parts of Abuja and other major cities, a situation blamed on temporary supply disruptions from the Dangote facility.
However, the Vice President of Dangote Industries, Devakumar Edwin, last week disclosed that over 310 million litres of petrol had been scheduled for loading at the refinery, signalling a potential end to the shortage.
The Nigerian National Petroleum Company Limited (NNPCL) and other major marketers had previously adjusted pump prices upward, citing supply gaps. With the latest intervention by the Dangote Refinery, expectations are high that stability and price moderation will soon return to the downstream petroleum market.
