As Dangote Refinery Restores Naira Sales, Petrol Depot Prices Will Drop More Than 4%
With Dangote Petroleum Refinery resuming naira-denominated sales, depot prices of Premium Motor Spirit (PMS), commonly known as petrol, may drop by more than 4.19 percent to N835 per litre from N870 per litre.
Confirming the resumption, the refinery, stated: “Following the intervention of the Naira for Crude Transaction Committee Chairman, we are pleased to inform you of the resumption of PMS Sales in Naira commencing Immediately.
“You may kindly proceed to place your orders in Naira for both self-collection and free delivery of PMS to the earlier advised locations across the country,”
The firm clarified that the temporary ban on petrol sales denominated in Naira, which was first anticipated to go into force on Sunday, September 28, has been lifted. The ban was initially announced on Friday.
In order to ensure that Nigerians have access to reasonably priced petrol, Dangote Refinery promised that sales would continue uninterrupted and asked customers to ignore the previous suspension notification.
Following the stoppage of sales in Naira, Matrix (Calabar), Sigmund, and others raised their rates from N870 per litre to N835 per litre, according to Vanguard’s earlier weekend inspections at a few depots.
As the domestic market continues to react to developments, analysts had predicted that the depot prices would increase to N900 per litre.
Mazi Colman Obasi, the National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), stated in an interview with Vanguard that the domestic market would be impacted by the Naira gasoline ban.
He stated ;
“The suspension of petrol in Naira would have adverse effects markets. I hear that Dangote Refinery said that it has not been able to get crude oil supplies on a sustainable basis. This is sad.”
The post ‘As Dangote Refinery Restores Naira Sales, Petrol Depot Prices Will Drop More Than 4%’ initially appeared on Tori
There is love in sharing…
