Despite a substantial reduction in the ex-depot price of Premium Motor Spirit (PMS), or petrol, by Dangote Petroleum Refinery, pump prices across Lagos remain stubbornly high. The refinery’s slash from N970 per litre to N899.50 per litre was aimed at easing transportation costs ahead of the festive season, but this relief has not reached consumers.
Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) continue to sell petrol at a minimum of N1,025 per litre, with major oil marketers charging N1,070 per litre and independent marketers setting prices as high as N1,100 per litre. This gap between wholesale and retail pricing has left many Nigerians frustrated.
Maxi Colman Obasi, President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), lauded the refinery’s efforts but urged marketers to reciprocate by lowering pump prices. “Dangote Petroleum Refinery has done well to reduce the ex-depot price of petrol. The marketers should ensure consumers benefit from it,” he said.
Industry experts argue that the drop in global crude oil prices—falling from $73 to $72 per barrel—should further push prices downward. Despite this, the deregulated market seems slow to reflect these changes.
Dangote Refinery had announced a special holiday discount, offering petrol at N899.50 per litre at its truck loading gantry and providing an innovative credit option backed by Access Bank, First Bank, or Zenith Bank. Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, emphasized the company’s commitment to affordable, high-quality petroleum products and its mission to end Nigeria’s reliance on substandard imports.
As the festive season nears, Nigerians hope for a swift reduction in pump prices. Stakeholders and regulatory authorities are being called upon to ensure that the benefits of the price cut reach consumers, easing the financial strain on households nationwide.
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