Oil Marketers Make Adjustments, Quote New Petrol Prices

Oil marketers have adjusted the depot price of Premium Motor Spirit (PMS), also known as petrol, in response to the rising crude oil prices in the international market. Three major operators, including Dangote Petroleum Refinery, Aiteo, and AA Rano, have reviewed their prices per litre following the increase in crude oil prices to $65-$67 per barrel.

While the adjustment has not yet been reflected at filling stations, industry checks suggest that retail pump prices could be reviewed in the coming days if the market trend continues. Olajide Jeremiah, the Chief Executive Officer, highlighted that the domestic market is sensitive to global fluctuations, with competition among downstream players fueling frequent price adjustments.

The National President of PETROAN emphasized the need for stable supply and called for the full privatization of refineries to address the dynamic nature of the Nigerian petroleum market. Major Energy Marketers Association of Nigeria (MEMAN) and other stakeholders are actively participating in finding solutions to the industry's challenges.