Independent Marketers adjust petrol prices to N1,200 per litre, citing Dangote Refinery supply

Independent oil marketers in the Federal Capital Territory have adjusted the pump price of Premium Motor Spirit (PMS) to N1,200 per litre, reflecting the cost at which they purchase the product from the Dangote Refinery and Petrochemical Company.

The price adjustment comes in response to the full deregulation of Nigeria’s downstream petroleum sector.

This deregulation has allowed the Nigerian National Petroleum Company (NNPC) to end its exclusive purchase agreement with the Dangote Refinery, enabling other marketers to directly source petrol from the refinery.

As a result, multiple filling stations have increased their pump prices, with the average now standing at N1,200 per liter.

The removal of the NNPC’s sole off-taker role has paved the way for open market negotiations, allowing marketers to determine prices based on their agreements with Dangote Refinery.

This move aligns with global practices in fully deregulated markets, where refineries sell directly to marketers without government-controlled pricing.