Dangote Petroleum Refinery has raised its ex-depot price for premium motor spirit, also known as petrol, to N880 per litre.
The hike represents a N55 increase from the previous rate of N825 per litre.
Abubakar Shettima, national president of IPMAN, confirmed the development to our correspondence on Saturday.
“We are aware that the refinery has reviewed the price to N880 per litre. Our members have been informed,” he said.
The development comes days after the refinery offered nationwide logistics for petrol, and diesel distribution.
The refinery said it also acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its fuel distribution capacity across the country.
“It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians,” the refinery said.
Following the development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the Dangote refinery’s forward integration adoption could lead to a monopoly in disguise, and might cause significant job loss in the downstream sector.
On June 19, Major Energies Marketers Association of Nigeria (MEMAN) also called for clarity on Dangote refinery’s proposal for nationwide logistics for petrol and diesel distribution.
Analysts said the refinery’s decision could be a game-changer with potential benefits for end users, though it might pose challenges for the downstream sector.
