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4 weeks ago
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- Petroleum merchandise prices person accrued astatine backstage depots pursuing the illness of the naira-for-crude woody betwixt refineries and NNPC
- Depot owners rapidly adjusted their prices aft Dangote Refinery announced that it would denominate its petrol income successful dollars
- Findings amusement that backstage depots person adjusted their prices to N877 per litre from N850 earlier the Dangote Refinery Announcement
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
Petroleum merchandise prices person accrued pursuing the halt successful the naira-for-crude deal betwixt the Nigerian National Petroleum Company Limited (NNPC) and home refineries, including the Dangote Refinery.
The six-month woody ensured a dependable proviso of petroleum products from the Dangote and different home refineries, starring to a important simplification successful petroleum merchandise prices.
Source: Getty Images
Analysts inquire Nigerians to brace up for higher prices
Analysts accidental the deal’s illness volition erode the gains achieved successful the downstream petroleum manufacture since President Bola Tinubu removed the subsidy connected May 29, 2025.
Domestic refineries had received crude lipid from the authorities lipid institution delivered successful the section currency, alternatively of dollars, the planetary currency successful the planetary lipid industry.
However, the Nigerian downstream assemblage rapidly shifted connected the announcement that the naira-for-crude statement collapsed pursuing Dangote’s suspension of the merchantability of petroleum products to marketers successful the section currency.
Dangote announced a temporary halt successful the proviso of petroleum products to marketers successful naira.
The improvement has led to a crisp summation successful depot prices, with PMS present selling for N875 from N850 per litre earlier the announcement.
New petrol prices astatine backstage depots
Data tracking petrol terms movements showed that loading astatine assorted depots connected Thursday, March 20, 2025, accrued with owners selling petrol astatine N875 per litre.
According to a BusinessDay report, Matrix Warri accrued its depot prices by N22 from N852 to N875 per litre, and Zamson Depot raised its terms from N853 to N875 per litre.
Rainoil Depot besides spiked its prices from N853 to N875 per litre, portion Pinnacle Warri and Sobaz changed their prices to N875 per litre from N854 and N850 to N870 and N875 respectively.
Dangote gives reasons for caller change
The improvement present means Nigeria volition beryllium getting acceptable for higher petroleum prices astatine the pumps aft experiencing 3 terms reductions from the Dangote Refinery.
Source: UGC
Dangote Refinery cited a mismatch successful income proceeds and crude lipid acquisition obligations for the suspension of petrol income successful naira.
Additionally, the works denied claims it had halted loading owed to a ticketing fraud incident.
Experts foretell caller petrol price
Legit.ng earlier reported that pursuing the suspension of the naira-for-crude statement betwixt the Nigerian National Petroleum Company Limited (NNPC), the Dangote Refinery and home refiners, Nigerians person been asked to brace up for higher PMS prices.
The improvement comes arsenic the parties could not renew the naira-for-crude woody entered into successful October past year.
The woody ensured that home refineries, including the mega Dangote Refinery, get crude lipid successful the section currency to guarantee availability, amended pricing and reduced prices.
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Source: Legit.ng
