Oil marketers are increasingly concerned over the delay in announcing the price of Premium Motor Spirit (PMS) from the Dangote Petroleum Refinery.

The marketers are worried that the price could be high as the landing cost of imported petrol has soared to approximately N1,120 per litre.

Punch reports that the marketers have indicated that if the Dangote refinery sets a high price for its petrol, marketers may turn to importing the commodity.

Legit.ng earlier reported that the Nigerian government recently opened the market for competition, allowing multiple players to participate in fuel importation.

Oil marketers' new landing cost

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, stated that the association is in discussions with foreign partners regarding the importation of PMS, pending the announcement of Dangote's pricing.

He warned that a high price from Dangote would likely lead to significant importation by independent marketers.

His words: "We are waiting for our foreign partners to calculate how much it will cost to bring petrol into Nigeria. If the landing cost is cheaper than Dangote's price, we will consider importing the product."

He added that an open market encourages competition and ensures product availability.

Dangote refinery awaits

An official from the Dangote Group told Punch on condition of anonymity that the refinery would sell petrol locally regardless of whether the NNPC agrees to be its off-taker.

The official highlighted Aliko Dangote's commitment to providing affordable petrol to Nigerians, noting that the refinery had previously reduced the price of diesel significantly.

The official said: "Alhaji Aliko Dangote is a nationalistic Nigerian; he loves this nation, and he is ready to make sacrifices."