• There is a new fuel price at gas stations as traders prepare to load oil products from the refinery
• Federal Government of Nigeria Approves Direct Purchasing by Dangote Independent Traders
• The deregulated oil market means that market forces will now determine the price at the pump.

Legitime.ng Journalist Dave Ibemere has over a decade of experience in business journalism and has in-depth knowledge of the Nigerian industry. economyactions and general market trends.

Gas stations across the country have once again increased the pump price of Premium Motor Spirit, commonly known as gasoline.

The adjustment follows reports that oil traders are preparing to source gasoline from the Dangote refinery.

Checks by Legitime.ng showed that various gas stations Lagos no longer sells fuel at a lower price of N1,100 per liter compared to the previous prices of N1,050 and N1,060.

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Some filling stations sell for as much as N1,250, while the black market sells for N1,300.

HAS a gas station in Ikotun, a motorist, Chinedu Eze, said Legitime.ng that he paid N1,150 per litre.

He said:

“Fuel prices continue to rise, I’m tired.”

Femi Adeyemi, another frustrated motorist, added:

“Look around you: it’s empty. People can’t afford to buy fuel anymore, even though we have a refinery and produce crude.”

Another motorist, Innocent Unah, confirmed the changes.

“Yesterday at the same gas station where I was paying N1,070 per liter, today it is N1,110 per liter. It’s really not funny anymore. When did the fuel start behaving like the exchange rate of the naira?”

Gasoline prices at gas stations

Vanguard also reported that pump prices at petrol stations are now between N1,100 and N1,200 per liter, compared to about N1,060 per litre, and vary by location.

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The report gave the prices as follows:

• Conoil: N1,109 per liter
• TotalEnergies: N1,109 per liter
• NIPCO: NAP 1,115 per liter
• Ardova Plc: N1,125 per liter
• Most independent traders: between N1,150 and N1,230 per liter

Only NNPC Limited Filling Station sells fuel at less than N1,100 per litre.

Traders say they are ready to buy Dangote gasoline

A precedent report by Legitime.ng said independent markers are ready to patronize the Dangote refinery following the alarm raised by its owner.

The Independent Oil The Traders Association of Nigeria (IPMAN) has asked the megarefinery to consider direct sales of gasoline to its members, citing delays and unpaid debts by the NNPC.

Marketers Speak Out on Dangote Gasoline Price

In a similar report, marketers insist that the megarefinery should sell the product at a discounted rate. to attract their customers.

Dailytrust reports that many traders who spoke anonymously said the price of Dangote was higher than imported products, which discouraged them from buying it.

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According to the report, many traders sold the product at N970 per liter, while the $20 billion refinery sells it at N977, leaving a margin of N77.

Reviewed by James, Ojo Adakole, journalist and editor at Legit.ng.

Source: Legit.ng