The recent price slash of petrol by Dangote Petroleum Refinery has yet to reflect at the pump, leaving many Nigerians questioning when they will feel the impact of the announced reduction.
Despite the refinery lowering its ex-depot price of Premium Motor Spirit (PMS) to N899.50 per litre, from the previous N970 per litre, fuel stations across Lagos continue to sell at higher prices.
Most stations under the Nigerian National Petroleum Company Limited (NNPCL) still sell at a minimum of N1,025 per litre, while major marketers charge as much as N1,070. Independent marketers have raised the bar even higher, with prices reaching up to N1,100 per litre.
The refinery emphasized that the price cut aimed to ease the financial burden on Nigerians during the festive season.
In its statement, Dangote Refinery mentioned: “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS… From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
Despite this, the anticipated relief remains elusive for many. Maxi Colman Obasi, National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), lauded the refinery’s effort, stating: “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.”
Experts have linked the high pump prices to deregulation and market dynamics. One anonymous analyst noted, “The price of crude oil has fallen from more than $73 per barrel to $72 per barrel… This and other factors should force the price of petrol to drop.”
