MARKETERS ADJUST NEW PRICE

Independent oil marketers have adjusted the pump price of petrol in the Federal Capital Territory, reflecting the purchase price from Dangote Refinery and Petrochemical Company.

Checks revealed that many filling stations have increased the pump price of petrol to an average of N1,200 per liter.

This adjustment follows the full deregulation of the downstream sector of the petroleum industry, which has allowed the Nigerian National Petroleum Company Ltd (NNPC) to end its exclusive purchase agreement with Dangote Refinery. As a result, the market has been opened for other marketers to buy petrol directly from the refinery.

With this change, the NNPC will no longer be the sole off-taker, enabling marketers to negotiate prices directly with Dangote Refinery.

This development is in line with the current practices for fully deregulated products, allowing refineries to sell directly to marketers.