The Major Energies Marketers Association of Nigeria (MEMAN) has disclosed that its members have lifted over 251 million litres of Premium Motor Spirit (PMS) from the newly operational Dangote Petroleum Refinery within two months.
The announcement was made during MEMAN’s webinar held on Wednesday, November 27, 2024, themed “Fuel Pricing.” The webinar sought to deepen public understanding of fuel pricing mechanisms, address misconceptions, and reaffirm MEMAN’s commitment to transparency in the energy sector.
Key Industry Insights Shared
The first session featured Mr. James Gooder, Vice President of Crude Oil at Argus Media, who delivered an insightful presentation titled “Market Trends, Transparency, and Fair Pricing.” Gooder highlighted the critical role of logistics and pricing parameters in determining PMS costs. He advocated for infrastructure improvements such as deeper jetties and larger vessels to reduce logistics costs, while also discussing the influence of exchange rates and crude oil prices on landed costs. He further explained MEMAN’s use of average pricing models to maintain market stability amid fluctuating conditions.
In the second session, Mrs. Ogechi Nkwoji, MEMAN’s Head of Economic Intelligence, Research, and Regulation, delivered a comprehensive analysis of the factors influencing petroleum product costs across Nigeria. Speaking on behalf of the association’s CEO, Nkwoji highlighted MEMAN’s initiatives aimed at ensuring market stability and bolstering consumer confidence.
Loading Statistics from Dangote Refinery
During the session, MEMAN revealed detailed statistics showing that, between Week 38 and Week 47 of 2024, over 251.7 million litres of PMS were lifted by its members from the Dangote Refinery. This included 148.5 million litres loaded by trucks at the gantry and 103.3 million litres transported to the Apapa depots via vessels.
Commitment to Transparency
The webinar, moderated by MEMAN’s Industry Analyst, Mrs. Vanessa Durojaiye, concluded with a commitment to fostering informed discussions and advancing transparency in Nigeria’s energy sector. MEMAN reiterated its dedication to addressing challenges in the industry while stabilising the market for the benefit of all stakeholders.
The event highlighted the significant strides made by MEMAN in supporting Nigeria’s energy needs through collaboration with the Dangote Refinery and other stakeholders.
