- Dangote Refinery’s Pricing Shift Sparks Market Concerns
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PETROAN Urges Calm Amid Panic Buying Fears
The cost of importing premium motor spirit (PMS) into Nigeria surged to N885 per litre on Wednesday, up from N797 per litre recorded last week, according to data from the Major Energy Marketers Association of Nigeria (MEMAN).
This marks an increase of N88 per litre, raising concerns that pump prices could soon climb to N1,000 per litre, up from the current range of N940 to N970 per litre at filling stations.
Meanwhile, Dangote Refinery’s petrol ex-depot price stands at N815 per litre, with retail prices at MRS filling stations in Lagos and Abuja fluctuating between N860 and N880 per litre. The refinery’s recent decision to suspend sales in naira has further fueled uncertainty in the market.
Market Reactions and Government Intervention
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for calm, urging the public not to engage in panic buying despite ongoing market fluctuations.
Addressing concerns over Dangote Refinery’s pricing policy, PETROAN emphasized that the temporary halt of naira transactions should not be a trigger for fuel hoarding or price speculation. The association also urged the government to maintain the Naira-for-Crude deal with Dangote Refinery to stabilize pricing and ensure fair competition in the downstream sector.
Additionally, PETROAN opposed the sale of petroleum products in foreign currency within Nigeria, stressing the need for local pricing mechanisms that reflect economic realities without worsening inflationary pressures.
With these developments, fuel prices across the country are expected to fluctuate in the coming days, pending further interventions from industry regulators and the federal government.
