Petrol pump price remains N1,025 per litre despite Dangote Refinery slash

The minimum pump price of petrol has not responded to the latest Dangote Petroleum Refinery ex-pot price slash of Premium Motor Spirit, PMS, also known as petrol to N899.50 per litre, from N970 per litre.

Most petrol stations in Lagos have retained the old price range of N1,025 minimum in Nigeria National Petroleum Company Limited, while some major oil marketers still sell at N1,070 and independent marketers sell as high as N1,100.
According to the refinery, the slash in price was expected to provide much-needed relief for Nigerians ahead of the holiday 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 pleaded to be anonymous, 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.”

Earlier, in communicating the price reduction, Dangote 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 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.