Petrol depot prices to drop more than 4% as Dangote Refinery restores Naira sales

By Udeme Akpan, Energy Editor
The depot prices of Premium Motor Spirit, PMS, besides known arsenic petrol, could driblet by much than 4.19 per cent to N835 per litre from N870 per litre arsenic the Dangote Petroleum Refinery resumes income connected Naira.

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Confirming the resumption, the refinery, stated: “Following the involution of the Naira for Crude Transaction Committee Chairman, we are pleased to pass you of the resumption of PMS Sales successful Naira commencing Immediately.

“You whitethorn kindly proceed to spot your orders successful Naira for some self-collection and escaped transportation of PMS to the earlier advised locations crossed the country,” it said.

The institution explained that the impermanent suspension of Naira-denominated petrol sales, announced connected Friday and initially scheduled to instrumentality effect from Sunday, 28 September, has been lifted.

Dangote Refinery urged customers to disregard the earlier suspension notice, assuring that income would proceed without interruption to warrant affordable petrol proviso for Nigerians.

Earlier, checks by Vanguard astatine immoderate depots, weekend, showed that Matrix (Calabar), Sigmund and others had accrued prices to N870 per litre from N835 per litre pursuing the suspension of income successful Naira.

Analysts had expected that the depot prices would emergence to N900 per litre arsenic the home marketplace continues to respond to changes.

In an interrogation with Vanguard, the National President of Oil and Gas Service Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, had said the suspension of petrol successful Naira would interaction the home market.

He said: “The suspension of petrol successful Naira would person adverse effects markets. I perceive that Dangote Refinery said that it has not been capable to get crude lipid supplies connected a sustainable basis. This is sad.”

Similarly, the Chief Executive Officer of the Major Energy Marketers Association of Nigeria, MEMAN, Mr. Clement Isong, had said: “The Dangote Petroleum Refinery is located successful a escaped zone, allowing it to import crude oil, produce, and export petroleum products successful dollars. The refinery tin besides refine and present petroleum products locally successful dollars, with lone gantry income transacted successful naira. In the past, Dangote coastal income person been predominantly successful USD, but determination person been immoderate transactions successful Naira.

“In cases of disputes, each parties should beryllium escaped to escalate issues for solution done wider consultation. If specified consultations fail, the assemblage regulator should intervene by applying applicable laws.”

He added: “I judge this substance volition person the required attraction and volition beryllium resolved earlier it escalates further.”

Vanguard News

The station Petrol depot prices to driblet much than 4% arsenic Dangote Refinery restores Naira sales appeared archetypal connected Vanguard News.