BREAKING: Petrol Prices Remain Unchanged Despite Dangote Refinery New Price

Despite the recent reduction in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery to ₦899.50 per litre, motorists and consumers are yet to feel the impact as pump prices remain unchanged across major petrol stations in Lagos and other parts of the country.

Checks by Vanguard, revealed that petrol stations operated by the Nigerian National Petroleum Company Limited (NNPCL) have retained their minimum pump price at ₦1,025 per litre, while some major marketers are selling at ₦1,070 per litre.

Independent marketers have gone even higher, with prices reaching ₦1,100 per litre in some locations.

This disparity comes despite the refinery’s statement that the price slash from ₦970 per litre to ₦899.50 was designed to offer Nigerians much-needed relief, particularly ahead of the festive season.

Meanwhile, commenting on the pricing issue, the National President of the Oil and Gas Services Providers Association of Nigeria, OGSPAN, Maxi Colman Obasi, said, “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.”

Another expert who spoke to Vanguard on condition of anonymity, said: “The market has been deregulated. The price of crude oil has fallen from more than $73 per barrel to $72 per barrel, meaning that refiners now pay less for crude oil. This and other factors should force the price of petrol to drop.”

Dangote earlier in statement noted, “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.

“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.”

The refinery also expressed its gratitude to Nigerians for their continued support as the country enters the festive season.

The Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, also said the refinery is committed to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine friendly.

He also said 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 human health, machinery, and the environment.