Petroleum marketers and retailers have confirmed that the latest price cut by Dangote Refinery will lead to a reduction in petrol pump prices across the country.
On Monday, the 650,000 barrels-per-day refinery, located in Lekki, Lagos State, introduced a ₦10 refund on Premium Motor Spirit (PMS) purchased at ₦835 per litre, effectively lowering the ex-depot price to ₦825. This was confirmed by the National Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), James Tor, and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry.
The price adjustment is expected to reflect at filling stations partnering with the refinery — including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil — in the coming days.
As of Monday evening, MRS filling stations were selling at ₦910 per litre. However, staff at an MRS station along Kubwa Expressway in Abuja confirmed that the pump price would be reviewed downward to ₦900 between Wednesday and Thursday.
Meanwhile, sources within the Nigerian National Petroleum Company Limited (NNPCL) hinted at a possible price drop to between ₦880 and ₦900 per litre in the coming days.
Dangote Refinery has now reduced its PMS price at least three times since April 9, following the renewal of its crude-for-naira deal with the Federal Government. The price dropped from ₦880 to ₦865 on April 10, then to ₦835, and now to ₦825.
According to IPMAN’s James Tor, the price reductions align with the deregulated downstream sector, where market forces dictate pump prices. “We buy from MRS, NIPCO, NNPC, and others. So, if there is a decrease at their end, it will affect the entire market,” he said.
PETROAN president Gillis-Harry acknowledged the downward trend in prices but warned that the volatility could undermine stability in the petroleum market. He expressed concern over the erratic price changes, noting they may be part of a market dominance strategy by the refinery.
“The constant fluctuations are destabilizing,” he said. “If the goal is to capture market share through deep cuts, it must be backed with enough capital and a long-term plan. We welcome the collaboration between NNPCL and Dangote Group if it ensures better access to energy for Nigerians.”
This development coincides with a drop in global crude prices, as Brent and WTI traded at $64.72 and $61.72 respectively in early Tuesday trading, according to oilprice.com.
Last week, Aliko Dangote and his team paid a courtesy visit to the newly appointed management of NNPCL, led by Bayo Ojulari — a move seen as a step toward deeper collaboration in the petroleum sector.
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