Fuel prices surge again as Dangote Refinery rolls out CNG trucks nationwide
Story by Tawheed Yakub, Abuja
The hope that petrol prices would drop after Dangote Refinery began direct distribution has started to fade, as fuel now sells for as high as ₦955 per litre in some parts of the country.
The refinery recently deployed Compressed Natural Gas (CNG)-powered trucks to move Premium Motor Spirit (PMS) popularly known as petrol across Nigeria. This move was meant to reduce transport costs and stabilize prices, keeping the pump rate around ₦850 per litre.
However, recent checks by Neptune Prime show that the refinery’s effort hasn’t stopped the steady rise in fuel prices. The Nigerian National Petroleum Company Limited (NNPCL) has reportedly raised its depot price from ₦850 to ₦900 per litre, pushing marketers to increase their pump prices too.
Read also: Dangote halts fuel discount scheme amid fraud allegations
Energy analyst Olatide Jeremiah, CEO of Petroleumprice.ng, confirmed the trend. He explained that depot prices in Lagos and Calabar now range between ₦870 and ₦900 per litre, depending on the supplier.
In Lagos, major private depots such as Aiteo, Pinnacle, and Integrated Oil & Gas sold petrol between ₦870 and ₦890, while in Calabar, Matrix Energy, Northwest Petroleum, and Sobaz Depot traded between ₦880 and ₦900 per litre the highest seen this month.
“The prices are expected to drop once Dangote Refinery begins full operations,” Jeremiah added, “since the refinery has the capacity to supply the entire domestic market.”
Despite that hope, motorists are already feeling the pinch. Retail stations in Lagos and Abuja now sell between ₦900 and ₦955 per litre, representing an increase of nearly 7% in one week.
In Abuja, several outlets including Adova Plc and AYM Shafa raised their prices from around ₦900 to as high as ₦955 per litre. Independent marketers also followed suit, with some stations like RYBN along Nyanya-Karshi Road now selling at ₦997 per litre.
For now, Nigerians wait watching whether the country’s biggest refinery can finally deliver on its promise of cheaper fuel.
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