Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS) in naira
The Gantry price is fixed at N1, 215/ litre. The reversal coming on the heels of a rising international crude oil price, the company said, provides a measure of relief to marketers and consumers in the country. Yesterday, Bent crude traded at $95 per barrel.
Recall that about 10 days ago, the refinery shifted its product pricing structure from Naira to U.S. dollars, setting the ex-depot price for petrol at $0.779 per litre, diesel at $1.087 per litre, and aviation fuel at $0.942 per litre.
The National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, hailed the reversal to naira sales, describing it as a welcome development.
“We lamented the effect of the sale in dollars, now we are happy that the Dangote Refinery management has listened to us. It is a welcome development for us marketers and for Nigerians,” Maigandi said.
The IPMAN President assured that immediately loading at the new price commences at the refinery, then marketers will reflect it at the retail end by way of reduction in pump price.
“We do not take joy in high prices and hardship for Nigerians. Once we load at the new price from Dangote Refinery, then we will also reduce the price per litre,” he told The Nation in a telephone chat last night.
While IPMAN hailed the reversal to naira sale, The Chief Executive officer, Center for the Promotion for Private Enterprise (CPPE), Dr. Muda Yusuf, said the signaifcant benefit to this is the relief it brings to the foreign exchange market.
According to him, the reversal to sale in naira does not translate to a reduction in pump price because happenings in the international market determine what happens locally.
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