Petrol Pump Price Unchanged Despite Dangote Refinery’s Price Reduction

The pump price of petrol remains unchanged across most filling stations in Lagos, despite a recent reduction in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery. The refinery had announced a cut from N970 to N899.50 per litre, aiming to provide relief for Nigerians, particularly during the holiday season.

However, many petrol stations continue to sell at higher rates, with the minimum pump price still at N1,025 at Nigeria National Petroleum Company Limited outlets. Major oil marketers are reportedly selling at N1,070 per litre, while independent marketers charge as high as N1,100.

Commenting on the situation, Maxi Colman Obasi, National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), commended the refinery’s efforts. He urged marketers to ensure that the price reduction reaches consumers. “Dangote Petroleum Refinery has done well to reduce the ex-depot price of petrol. The marketers should reciprocate by ensuring that consumers benefit from it,” Obasi said.

An anonymous industry expert highlighted that the deregulated market, coupled with a decrease in crude oil prices from $73 to $72 per barrel, should lead to a drop in petrol prices. They called for further transparency and competition in the sector to ensure Nigerians feel the impact of global and local market changes.

Announcing the price slash, Dangote Petroleum Refinery emphasized its commitment to easing transportation costs during the festive period. “From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Additionally, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” the refinery stated.

Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, reaffirmed the refinery’s dedication to delivering competitively priced, high-quality petroleum products. He also noted that the refinery’s operations aim to eliminate Nigeria’s reliance on substandard imported products, which pose risks to health, machinery, and the environment.