The Dangote Petroleum Refinery has intensified efforts through the use of Compressed Natural Gas (CNG)-powered trucks to distribute Premium Motor Spirit, PMS, also known as petrol at N850 per litre to different parts of the nation.
Checks by our correspondent yesterday indicated that the deployment of the CNG trucks has enabled the 650,000 barrels per day refinery to sustain supplies as NNPC Limited increased its depot price to N900 per litre from N850 per litre, reports Vanguard.
Chief Executive officer of Petroleumprice.ng, Olatide Jeremiah, said: “Generally, the depot prices have increased. Market data showed that petrol sold between N870 and N900 per litre at key depots in Lagos and Calabar, reflecting a steady climb over the past week.
“In Lagos, where most private depots rely on imported supply, prices remained elevated even after recent reviews. Aiteo and Pinnacle both sold petrol at N890 and N870 per litre, respectively, while Integrated Oil and Gas priced PMS at N870 per litre.
“At Calabar, Matrix Energy and Northwest Petroleum traded at N890 and N880 per litre, while Sobaz Depot hit N900 per litre — the highest recorded so far this month.”
“The hike in depot prices would likely crash once the Dangote Petroleum Refinery completes its rehabilitation because the plant has the capacity to impact the domestic market.”
However, the retail prices of petrol have increased by 6.8 percent to N955 per litre, from N890 per litre sold last week.
The NNPCL, and stations owned by Independent Marketers in Lagos and Abuja showed that the petrol was dispersed between N900 and N955 per litre.
Also, petrol marketers across Abuja, the nation’s capital, yesterday increased their pump price by over N50 per litre following a similar increase by NNPC Limited.
Checks around the city showed that Adova Plc raised their price from N899 it sold last week to N945 per litre. AYM Sharfa also hiked its pump price from N910 per litre to N955 per litre.
Retail outlets managed by independent marketers also raised their prices by as much as N70 per litre, RYBN Station along Nyanya-Karshi Road dispensing at N997 per litre from N920 it sold last week.
Speaking to our correspondent at AYM Station in Karu, a motorist, John Ogaba complained that the price was getting out of control after hopes that the direct supply by Dangote Refinery would further reduce the price.
“The stations were selling below N900 per litre when Dangote announced that it will supply stations directly using CNG powered trucks to reduce the cost of logistics. Why are we facing increase in price?”
