The Nigerian National Petroleum Company Limited (NNPC) and other marketers have reduced the pump prices of Premium Motor Spirit (petrol) following Dangote Petroleum Refinery’s decision to cut its ex-depot prices.
From as high as N950 per litre on Tuesday, petrol now sells for as low as N865 per litre, depending on the location.
By Friday, almost all filling stations in Lagos and Ogun had dropped their prices below N900 to remain competitive.
NNPC retail outlets reduced prices to N865 in Lagos and N870 in Ogun.
Dangote’s partners, MRS and Ardova, also adjusted pump prices to N865 and N875 per litre respectively in Lagos and Ogun. Other marketers recorded similar reductions, with Heyden selling at N890; Fatgbems, N882; Akiavic, N894; Asharami, N895; Rainoil, N875; and NIPCO, N890.
Price variations remain across regions, with higher rates recorded in the North, South-East, and South-South due to transportation costs.
A statement signed by Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, confirmed the price cut, noting that the company would, as part of its commitment to national development, ensure a consistent and uninterrupted supply of petroleum products.
Before the reduction, filling stations had pegged prices at N900 and above despite falling crude oil prices last weekend.
NNPC retail outlets sold petrol at N900 per litre in Lagos and Ogun, while Dangote refinery partners, including Ardova and Heyden, maintained prices above N900 along the Lagos–Ibadan Motorway.
Dangote’s downward price adjustment has since compelled other marketers, including the NNPC, to follow suit.
Until Dangote Refinery commenced production last year, the NNPC was the sole authority on fuel pricing, being the only importer of petrol due to subsidies.
The 650,000-barrel-per-day Dangote Refinery has now taken a central role as the only operational petrol-producing refinery in the country.
Petrol prices had peaked at about N1,200 per litre last year after the complete removal of subsidies by the NNPC.
However, Dangote Refinery has implemented successive price cuts to bring pump prices to current levels.
While many Nigerians welcomed the latest reductions, some fuel marketers have complained about losses.
Meanwhile, some Nigerians insist that prices remain high and should fall further. “The prices should drop to between N200 and N500, and you’ll see the impact on virtually all sectors of the economy. Selling above N850 per litre is still high, and causing inflation to spike,” a Lagos resident, Favour Samson, said.
