… As marketers lifts products from PH, Warri refineries — PETROAN
By Charles Ebi
Dangote Petroleum Refinery has reduced the ex-depot ,gantry, price of Premium Motor Spirit ,PMS, commonly known as petrol, from N950 to N890.
The company said in a statement at the weekend that the price reduction is effective from Saturday, February 1, 2025.
According to the statement, “This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices”.
On January 19, Dangote announced an upward review of the ex-depot price of its PMS from N899 per litre to N955 per litre, citing the rise in international crude prices. At the time, crude oil prices were around $80 per barrel.
Explaining the rationale behind the recent reduction, the refinery’s spokesperson, Anthony Chiejina stated that as part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on January 19, when a modest increase was implemented due to the previously rising international crude oil prices.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.
“In addition, Dangote Petroleum Refinery calls on marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace”, the statement added.
He said this collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
Meanwhile, the Petroleum Products Retail Outlet Owners Association of Nigeria has confirmed that oil marketers are now loading petroleum products from the Port Harcourt and Warri refineries.
PETROAN’s spokesman, Joseph Obele, disclosed this in a statement on Saturday.
In the statement, he said, “PETROAN members are now loading petroleum products, including dual-purpose kerosene, automotive gas oil, and premium motor spirits”.
Obele stated further that the Port Harcourt refinery is already selling petrol, diesel and kerosene to retailers, while the Warri refinery is supplying only diesel and kerosene.
“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market”, Obele added.
He stated further that the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.
Obele added, “With the availability of original diesel and kerosene, the demand for fake products has decreased, reducing the risk of explosions and equipment damage.
“The refineries’ functionality has also contributed to a decrease in crude oil theft, which has hindered Nigeria’s ability to meet OPEC production targets. As crude oil production increases, Nigeria is expected to generate more revenue and stabilise the Naira”, he stated.
He emphasised that the revitalised refineries have created job opportunities, with deserted depots now bustling with activity, adding that the host communities are also benefiting from empowerment programmes, which are expected to positively impact insecurity and crime rates in the region.
The National President of PETROAN, Billy Gillis-Harry, was also quoted in the statement as saying that social empowerment programmes for oil-producing host communities align with the provisions of the Petroleum Industry Act and the Nigeria Local Content Act.
Harry commended the Managing Director of the Nigerian National Petroleum Company Retail Ltd., Mr Hubb Stockman, “For promoting a sense of belonging among host community members”.
He advised members of the host communities and PETROAN members to support the goal attainment and actualisation of the Port Harcourt and Warri refineries, emphasising the importance of collaboration in ensuring the refineries’ continued success.
He added, “The operationalisation of the Port Harcourt and Warri refineries is also expected to boost Nigeria’s economic growth by increasing the availability of petroleum products, reducing dependence on imports, and generating additional revenue for the government. This, in turn, will have a positive impact on the country’s GDP and overall economic development.
“In addition, the refineries’ functionality will also enhance Nigeria’s energy security, reduce the pressure on foreign exchange, and create a stable supply chain for petroleum products. This will have a ripple effect on various sectors of the economy, including transportation, manufacturing, and agriculture”.
