Petrol Scarcity to End by September Oil Marketers Announces, as Stations Slash Prices

Oil Marketers Announce Plan to End Petrol Scarcity by September as Stations Slash Prices

Bennet Korie, the National President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), has announced a hopeful end to Nigeria’s petrol scarcity.

He expects complete availability by September, when the Dangote and Port Harcourt refineries start operations.

Korie shared this information at a press conference in Abuja on Wednesday, August 28, 2024.

Marketers Push for Broader Inclusion in Supply Chain

Korie revealed that the Dangote refinery will increase the gasoline supply and enhance competition. He urged the inclusion of several stakeholders in the distribution process.

These include NNPCL Trading and Retail, the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), and NOGASA.

He believes that the Dangote Refinery and the shift to naira transactions could lower diesel prices, reduce transportation costs, and make petrol more affordable.

Government Urged to Speed Up Refinery Operations

Korie also called on the Nigerian government to expedite the opening of the Port Harcourt refinery to ease current shortages and improve distribution.

He supports President Tinubu’s plan to sell crude oil in naira and encourages refineries to price gasoline in the local currency.

The NOGASA chief stressed the need for redesigned distribution channels and better security at border points.

He also highlighted the importance of increasing agricultural budget allocations and subsidising inputs to combat inflation.

Dangote Refinery Begins Petrol Test Runs

This announcement comes as the Dangote Refinery starts its petrol production test runs. The refinery, owned by Aliko Dangote, is set to release petrol into the market in September after delays attributed to crude oil supply issues.

The refinery, with a capacity of 650,000 barrels per day, has only produced diesel and distillate fuels so far, according to industry monitor IIR Energy.

Stations Reduce Petrol Prices by Over N200

In related news, major oil marketers’ filling stations across Nigeria are now offering fuel at prices as low as N630 per litre. This is a significant drop from the N800 to N900 per litre previously charged.

Several filling stations in Lagos, owned by major marketers like 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy Marketing Limited, Total Nigeria Plc, and NNPC Retail, are selling petrol for under N650 per litre.