The Major Energies Marketers Association of Nigeria (MEMAN) has revealed that its members sourced a total of 148 million litres of petrol from Dangote Refinery between September 16 and November 24, 2024, averaging 2 million litres daily over 10 weeks. This comes despite having licenses to import the product.
MEMAN’s CEO, Mr. Clement Isong, disclosed the development during a quarterly webinar for energy reporters. He explained that, while members have import licenses, they have increasingly turned to Dangote’s refinery due to its competitive market framework. The supply is delivered via trucks and vessels to marketers’ facilities in Lagos, offering operational flexibility.
Notable major marketers like 11 Plc., Ardova Plc., Conoil, MRS, NNPCL, and TotalEnergies, which together control 40-50% of Nigeria’s petroleum market, have relied on this local supply to meet demand.
Isong further detailed the volume breakdown, noting that deliveries peaked at 29.47 million litres in Week 38 but dropped to 1.6 million litres in Week 46 before rebounding in Week 47. He attributed this shift to a government directive that ended NNPCL’s intermediary role, enabling independent marketers to purchase directly from local refineries.
During this period, the spot price of petrol averaged N971.14 per litre, with significant pricing influences from factors like exchange rates, finance charges, and port operations. Isong highlighted the complex cost structure involved, from freight and regulatory fees to miscellaneous charges, which affect the final price at the pump.
