In a significant development for the Nigerian fuel market, oil marketers have announced their intention to import Premium Motor Spirit (PMS) at prices lower than those set by the Dangote Petroleum Refinery. This decision comes in light of recent pricing revelations from the refinery, which has been selling petrol at rates between ₦1,015 and ₦1,028 per litre depending on purchase volume.
The Major Energies Marketers Association of Nigeria (MEMAN) has reported that the current landing cost of imported petrol stands at approximately ₦978.01 per litre. This starkly contrasts with the prices offered by the Dangote Refinery, prompting marketers to assert that they can provide consumers with more affordable options through imports.
Dr. Joseph Obele, Publicity Secretary of the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN), emphasized that their imported PMS could be priced as low as ₦800 per litre. He stated, "We have secured agreements with international suppliers to import petrol at competitive rates, and we are calling on regulatory agencies to expedite our import licensing process."
Marketers have expressed concerns regarding the pricing strategies employed by both Dangote and the Nigerian National Petroleum Company Limited (NNPCL), which they argue should not exceed the costs associated with imported fuel. "If local products are more expensive than imports, it raises questions about the efficiency and pricing structure within our domestic market," remarked a representative from IPMAN.
The announcement comes amid ongoing discussions about fuel accessibility and pricing in Nigeria, where consumers have been grappling with fluctuating prices and shortages. The marketers' commitment to providing cheaper alternatives is expected to enhance competition in the market and potentially lower fuel costs for consumers across the nation.