The minimum pump price of petrol has not yet reflected the recent reduction in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery. The price was reduced from ₦970 to ₦899.50 per litre.
Despite this reduction, petrol stations in Lagos continue to sell petrol at higher prices. Nigerian National Petroleum Company Limited (NNPCL) stations maintain a minimum price of ₦1,025, major marketers sell at ₦1,070 and independent marketers charge as high as ₦1,100 per litre.
Dangote Refinery announced the price slash to provide relief for Nigerians during the holiday season. However, the reduction has not yet translated into lower pump prices for consumers.
The National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Maxi Colman Obasi, commended Dangote Refinery’s decision to lower the price. He urged marketers to pass on the benefits to consumers.
An industry expert, who chose to remain anonymous, highlighted that the deregulated market and a drop in crude oil prices from $73 to $72 per barrel should lead to lower petrol prices. Refiners now pay less for crude oil, which should reflect in the final price of petrol.
In its announcement, Dangote Refinery explained that the holiday discount aims to reduce transport costs for Nigerians. Petrol is now available at ₦899.50 per litre at its truck loading gantry or Single Point Mooring (SPM). Additionally, consumers paying in cash can buy another litre on credit, guaranteed by Access Bank, First Bank, or Zenith Bank. The refinery expressed gratitude to Nigerians for their support during the festive season.
Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, reaffirmed the refinery’s commitment to providing high quality petroleum products at competitive prices. He emphasized that the refinery’s operations would end Nigeria’s reliance on substandard and blended imported products, which pose risks to health, machinery, and the environment.