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The recent reduction in fuel prices by the Dangote Petroleum Refinery has led to a significant drop in prices at many filling stations across Nigeria. According to findings, many stations in Ogun and Lagos States now sell petrol at rates ranging from N875 to N890 per litre.

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MRS Oil, a major distributor of Dangote petroleum products, has dropped the pump price of PMS to N885 in Lagos from N925 last week. The price varies across regions, with N895 in the South-West, N905 in the management of the station said the price reduction took effect on June 30.

The Dangote refinery had reduced the ex-depot petrol price from N880 to N840 per litre last Monday. The refinery had raised the price of petrol to N880 from N825 when tension escalated during the 12-day conflict between Israel and Iran, raising the price of crude oil to almost $80 per barrel.

Depot Prices Drop

The depot prices have also reduced, with most depots dropping their ex-depot prices to an average of N840 per litre. According to (link unavailable), various depots in Lagos are selling petrol at the following prices:

– RainOil: N840

– Pinnacle: N840

– Matrix: N840

– Emadeb: N840

– Swift: N840

– Wosbab: N840

– First Royal: N838

– Menj: N838

– Aipec: N838

– Aiteo: N837

– A&E: N858

– NIPCO: N844

– MAO: N839

– Integrated: N839

Filling Stations Adjust Prices

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Various filling stations have adjusted their pump prices to align with the current realities. Along the Lagos-Ibadan Expressway, some filling stations are dispensing premium motor spirit at reduced rates, including:

– AP: N880 per litre

– SGR: N880 per litre

– As-Sallam: N875 per litre

– Akiavic: N885 per litre

– SAO: N890 per litre

However, some stations, such as NIPCO and Satellite, are still selling at N900 per litre, while Rainoil is selling at N910 per litre.

Industry Reaction

The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, had said prices did not go down last week because traders were grappling with old stocks. “We need to exhaust existing stocks. All existing stocks must be sold out first. That is the right business thing to do because if a retail outlet owner loses N100 per litre, and he has to go back to the market to restock, he won’t be able to do so,” Gillis-Harry stated.

However, with many stations now adjusting their prices, it appears that the industry is adapting to the new price regime. As one industry expert noted, the pump price of PMS should shrink to N890 or less, considering Dangote’s N840 gantry price

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