Dangote, Aiteo, AA Rano Adjust Petrol Depot Price Amid Global Oil Market Shifts
Dangote, Aiteo, AA Rano Adjust Petrol Depot Price Amid Global Oil Market Shifts
By Joseph Iyaji | Akahi News
Three major downstream operators – Dangote Petroleum Refinery, Aiteo, and AA Rano – have slightly adjusted the depot price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦821 to ₦823 per litre, following an uptick in global crude oil prices to $67 per barrel from $65.
Market Reactions and Domestic Impact
Checks by journalists revealed that while the pump price of petrol remains unchanged, marketers may review prices this week if the global trend persists. Industry analysts suggest that the Nigerian domestic market will remain highly responsive to international oil price changes due to competition in the downstream sector.
Speaking with newsmen, Olajide Jeremiah, CEO of Petroleumprice.ng, explained that the frequent depot price adjustments are driven by fluctuations in crude oil prices and strong competition among market players. He added:
“The market would continue to record more price adjustments in the coming weeks as global oil changes occur. We also expect these adjustments to extend to pumps, so consumers will eventually feel the impact.”
PETROAN’s Position
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), described the domestic market as “dynamic and responsive.” He stressed the importance of stable supply and renewed calls for the full privatisation of government-owned refineries.
According to him, engaging grassroots stakeholders such as PETROAN, Major Energy Marketers Association of Nigeria (MEMAN), and others would provide a sustainable long-term solution.
Dangote Refinery Expansion and Global Market Impact
Meanwhile, Dangote Petroleum Refinery disclosed plans to expand its capacity by 7.7 per cent – from 650,000 barrels per day (bpd) to 700,000 bpd.
Checks by Akahi News gathered that the refinery has already reshaped traditional supply flows, reducing Nigeria’s reliance on foreign refineries while boosting local supply and exports to other markets.
This development has disrupted Europe’s gasoline market, with the Organisation of Petroleum Exporting Countries (OPEC) warning that Dangote’s increasing production could weigh heavily on European gasoline inventories as Nigeria shifts from being a major importer to a supplier.
Outlook
With global crude oil markets fluctuating, Nigeria’s downstream sector remains on edge as stakeholders brace for further adjustments in depot and pump prices. For now, consumers await whether this week will bring a direct impact at the filling stations.
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