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Petrol Prices Remain Unchanged Despite Dangote Price Slash

Published

11 hours ago

Dec 20, 2024.

Despite the recent reduction in the ex-depot price of Premium Motor Spirit (PMS) to ₦899.50 per litre by Dangote Petroleum Refinery, motorists and consumers have yet to see a reduction in pump prices as many petrol stations in Lagos and across the country maintain their rates.

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EKO HOT BLOG reports that according to checks by Vanguard, petrol stations operated by the Nigerian National Petroleum Company Limited (NNPCL) continue to sell at a minimum price of ₦1,025 per litre, while some major marketers are charging as much as ₦1,070 per litre.

Independent marketers are selling at even higher rates, with prices reaching ₦1,100 per litre in certain locations.

This price disparity follows Dangote Refinery’s announcement of the price cut, which was intended to provide relief for Nigerians, particularly ahead of the festive season. However, despite the refinery’s efforts to make fuel more affordable, the price reductions have not been reflected at the pump.

The National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Maxi Colman Obasi, expressed support for Dangote’s decision, urging marketers to pass on the benefits of the price reduction to consumers. “Dangote Petroleum Refinery has done well to reduce the ex-depot price of petrol. The marketers should reciprocate by ensuring that consumers benefit from it,” Obasi stated.

An anonymous expert also highlighted that the deregulated market should have caused a reduction in petrol prices. “The price of crude oil has fallen from over $73 per barrel to $72 per barrel, meaning refiners are paying less for crude. This and other factors should push petrol prices lower,” the expert said.

In its statement, Dangote Refinery expressed its commitment to easing transportation costs during the holiday season.

The refinery announced that from the time of the price cut, its petrol would be available at ₦899.50 per litre at its truck loading gantry or Single Point Mooring (SPM).

Additionally, Dangote offered a special deal, allowing consumers who pay cash for a litre of petrol to buy another litre on credit, with a bank guarantee from Access Bank, First Bank, or Zenith Bank.

Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, reiterated the company’s commitment to providing Nigerians with premium-quality, competitively priced petroleum products.

Petrol Prices Dangote Price

He also emphasized that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard and “blended” imported products, which have posed significant risks to public health, machinery, and the environment.