Numerous vessels are set to arrive at seaports across the country carrying imported Premium Motor Spirit (PMS) from March 17 to March 23. These vessels will bring in a significant amount of PMS to enhance fuel supply in Nigeria. This development comes after reports indicating a drop in the landing cost of imported PMS.
The suspension of petroleum product sales in naira by the Dangote Petroleum Refinery has caused concern among domestic crude oil refiners, who see it as a move to favor imported products over locally refined ones. The Crude Oil Refinery-owners Association of Nigeria expressed disappointment over the suspension, stating that it undermines efforts towards achieving energy security within the country.
Despite efforts to boost local refining capacity, the reliance on imported refined products persists. Data from the Nigerian Port Authority shows that various vessels have unloaded commodities at ports such as Tincan in Lagos, Lekki Deep Seaport in Lagos, and Calabar in Cross River State. The Dangote refinery also imported a substantial amount of crude oil during the same period.
Depot owners have been adjusting the loading costs of petrol and other petroleum products at their facilities. Recent data indicates price increases at several depots, with Rainoil, MEN, Pinnacle, Aiteo, and Nipco all raising their prices per litre. This ongoing trend suggests fluctuations in the retail price of petrol in the near future.