Three operators – Dangote Petroleum Refinery, Aiteo and AA Rano – weekend, adjusted the depot prices of Premium Motor Spirit, PMS, also known as petrol to N823 per litre from N821 per litre as crude oil rises to $67 per barrel from $65 per barrel in the international market.
Dangote Petroleum Refinery, Aiteo and Rano had previously sold the product at N821 per litre.
Checks by Vanguard yesterday indicated that the domestic market would continue to respond to global changes due to competition in Nigeria’s downstream sector.
The checks further showed that the pump prices of the product remain unchanged, but may be adjusted this week if the market situation persists.
Inan interview with Vanguard, Olajide Jeremiah, Chief Executive Officer of Petroleumprice.ng, said: “We are witnessing frequent adjustment of depot prices for some reasons. These include the low crude oil prices and also competition among downstream players in Nigeria.
“The market would continue to record more price adjustments in the coming weeks as new changes occur in the global oil market.
“We also expect the adjustments would be extended to pumps so that consumers would feel the impact going on in the market.”
Meanwhile, Dangote Petroleum Refinery has concluded plans to increase its capacity by 7.7 percent to 700,000 barrels per day (bpd), from the current 650,000 bpd.
Nigeria, which previously relied heavily on foreign refineries to meet its domestic fuel needs, has, through the Dangote Petroleum Refinery, helped meet domestic demand while also exporting to other markets worldwide.
