Following the increase in the ex depot price of premium motor spirit (PMS) or petrol to N950 per litre from a previous N909 per litre by depot owners, there is now a surge in oil marketers seeking to key into the bulk-purchase agreement incentives being offered by the Dangote Petroleum Refinery.
The refinery, which has pegged the minimum petrol quantity that can be purchased by marketers at two million litres, has consistently sold the product at N909 per litre since the festive period irrespective of the upward movement in international crude oil price.
While the depot owners based their price increase in the price of crude oil in the international market, a situation that has forced most independent marketers to raise their pump price too to reflect the new higher price from the depot owners, the petroleum marketers may have now switched their attention to Dangote Refinery.
They argued that Dangote Refinery offer a guaranteed price stability as against purchase from depot owners whose price is opened to incessant upward review as has just been announced.
