BREAKING: Petrol prices remain high despite Dangote Refinery’s price reduction

The minimum pump price of petrol has yet to reflect the recent reduction in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery.

The refinery slashed the price to ₦899.50 per litre, down from ₦970 per litre, aiming to relieve Nigerians during the holiday season.

However, most petrol stations in Lagos have maintained higher price points.

The Nigeria National Petroleum Company Limited (NNPCL) outlets sell at a minimum of ₦1,025 per litre, while major oil marketers charge up to ₦1,070 per litre. Independent marketers set prices as high as ₦1,100 per litre, causing consumer dissatisfaction.

Commenting on the pricing issue, Maxi Colman Obasi, the National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), commended the Dangote Refinery for its price reduction. He urged marketers to pass on the benefits 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 told Vanguard.

Another industry expert, who requested anonymity, noted the deregulated nature of the market and suggested that the declining crude oil price—down from $73 to $72 per barrel—should further reduce petrol costs.

“Refiners now pay less for crude oil. This and other factors should force the price of petrol to drop,” the expert added.

In announcing the price reduction, Dangote Refinery emphasized its intention to alleviate transport costs during the festive period.

It stated: “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 ₦899.50 per litre at our truck loading gantry or SPM.

“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”