The Dangote Petroleum Refinery has intensified the distribution of Premium Motor Spirit (PMS) across the country using Compressed Natural Gas (CNG)-powered trucks, selling at ₦850 per litre, as market prices continue to surge nationwide.
Findings by Vanguard on Tuesday revealed that the refinery’s use of CNG trucks has helped sustain product supply even as the Nigerian National Petroleum Company Limited (NNPCL) raised its depot price to ₦900 per litre, up from ₦850.
According to Olatide Jeremiah, CEO of Petroleumprice.ng, depot prices have continued to climb across key distribution hubs in Lagos and Calabar. “Petrol now sells between ₦870 and ₦900 per litre at major depots,” he said, noting that Lagos depots like Aiteo and Pinnacle sold at ₦890 and ₦870 respectively, while Integrated Oil and Gas priced at ₦870 per litre.
In Calabar, Matrix Energy and Northwest Petroleum traded at ₦890 and ₦880 per litre, while Sobaz Depot recorded the highest rate at ₦900 per litre this month.
Jeremiah added that the hike “may stabilize once the Dangote Refinery completes full-scale operations,” noting the refinery’s capacity to significantly influence domestic pricing once running at optimal output.
However, despite Dangote’s CNG logistics initiative, retail pump prices have jumped by 6.8%, rising from ₦890 to ₦955 per litre in the past week.
In both Lagos and Abuja, stations operated by the NNPCL and independent marketers sold petrol between ₦900 and ₦955 per litre. Several marketers in the Federal Capital Territory raised their pump prices by more than ₦50 following NNPC’s upward review.
Checks by Vanguard showed that Adova Plc increased from ₦899 to ₦945 per litre, while AYM Shafa raised its price from ₦910 to ₦955. Independent stations also adjusted prices, with RYBN Station along Nyanya-Karshi Road now selling at ₦997 per litre, up from ₦920 last week.
A motorist, John Ogaba, expressed frustration over the continuous price surge. Speaking at an AYM station in Karu, he said, “The stations were selling below ₦900 when Dangote announced direct supply using CNG trucks to cut logistics costs. Why are prices still rising?”
Despite the refinery’s effort to stabilize supply, industry watchers say the situation underscores ongoing market volatility, with pricing now driven by fluctuating depot costs and limited domestic refining capacity.
