The recent reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by Dangote Petroleum Refinery has yet to reflect in pump prices across Lagos.
The refinery slashed the price from N970 to N899.50 per litre to ease transport costs during the festive season, but most petrol stations have retained higher rates.
Currently, Nigerian National Petroleum Company (NNPC) stations sell petrol for a minimum of N1,025 per litre, while major marketers charge around N1,070. Independent marketers, however, sell as high as N1,100 per litre.
The refinery expressed hope that the price cut would bring relief to Nigerians, with its Chief Branding and Communications Officer, Anthony Chiejina, reiterating Dangote’s commitment to providing high-quality, competitively priced, and environmentally friendly petroleum products.
Maxi Colman Obasi, National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), praised Dangote’s efforts and called on marketers to ensure consumers benefit from the reduction.
Another industry expert, speaking anonymously, attributed the price slash to the drop in crude oil prices, which recently fell from $73 to $72 per barrel.
This, combined with other market factors, should ideally lower pump prices.
As part of its festive relief plan, Dangote Refinery also introduced a promotional offer where customers purchasing petrol at N899.50 per litre can buy an additional litre on credit with a bank guarantee from Access Bank, First Bank, or Zenith Bank.
Despite these measures, pump prices remain unchanged, highlighting the gap between refinery adjustments and retail pricing in the deregulated market.
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