New Petrol Prices Surface in Lagos, Abuja, Kano, MRS, Others Adjust Pumps After Dangote’s Rate Cut
- Nigerians have begun to see a sharp drop in petrol prices nationwide after Dangote Refinery lowered its PMS rate
- Checks across major filling stations in Lagos, Abuja, Kano, and Bayelsa show slight price disparity
- Consumers have commended the mega refinery for trying to ease their burden this yuletide
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices have started trending downward across major Nigerian cities following a sharp reduction in the ex-depot price by the Dangote Petroleum Refinery.
Market checks show that while prices remain largely above N800 per litre, the latest adjustment has triggered renewed competition among marketers and fresh optimism among motorists.
Source: Getty Images
The Dangote Refinery reduced its ex-depot price by N125 over the weekend, a move that has begun to reflect, gradually, at filling stations nationwide.
Although the full impact is yet to be felt uniformly, several outlets have adjusted pump prices downward from the highs recorded in recent weeks.
Lagos: MRS leads the price war
In Lagos, petrol prices have moderated but still vary widely among marketers. Most major filling stations now sell between N820 and N890 per litre, compared with N910 to N920 before the latest price cut.
MRS filling stations stand out as the lowest-priced outlets, dispensing petrol at N739 per litre.
This has resulted in long queues at several locations, especially the Alapere axis. Other marketers in Lagos include BOVAS at N820, Conoil at about N850, Ardova at N880, and Heyden selling as high as N890 per litre.
Industry sources say Dangote Refinery Chairman, Alhaji Aliko Dangote, had announced that stations sourcing PMS directly from his refinery would begin selling at N739 per litre in Lagos from Tuesday, a promise already reflected at MRS outlets.
Depot prices crash, pressure mounts on marketers
Private depot owners have also responded swiftly, slashing prices from about N828 to N710 per litre, representing a N118 reduction.
Initially, depot operators reportedly attempted to hold prices near N800 per litre, but sluggish sales and the risk of stock buildup forced a rethink.
Energy analysts note that sustained supply from the Dangote Refinery could intensify competition during the festive season, potentially leading to further price cuts if marketers continue to align with the new pricing reality.
Abuja, Bayelsa still above N890
Despite the downward trend, prices in Abuja remain stubbornly high, with most filling stations still dispensing above N900 per litre.
In Bayelsa State, pump prices have dropped modestly to around N890 per litre, reflecting a slower pace of adjustment compared to Lagos.
Kano records sharp drop to N850
In Kano, major marketers reduced petrol prices to N850 per litre on Tuesday. Stations such as Aliko, A.Y. Maikifi, and A.A. Rano adjusted prices from N925 to N850.
An MRS station along Sabo Bakin Zuwo Road was out of stock during a visit, with attendants hinting that prices could fall further to about N750 per litre once new supplies arrive later in the week.
Kwara: Prices dip to N820
In Ilorin, Kwara State, petrol now sells for as low as N820 per litre at BOVAS and Shafa outlets. AP filling stations sold at N884.9, while NNPC retail outlets and some independents maintained prices around N890.
Motorists welcomed the reductions but called for quicker adjustments, arguing that price increases are often implemented instantly while reductions lag.
IPMAN backs ongoing price adjustment
According to a report by Daily Trust, the Independent Marketers’ Association of Nigeria (IPMAN) has welcomed the price cut. National Secretary, Alhaji Olanrewaju Okanlawon, confirmed that prices are falling nationwide and urged patience as stations exhaust older stock.
Source: UGC
He said a more significant nationwide drop is expected in the coming days, describing the development as positive for consumers and the broader economy.
Petrol depot prices crash By 14%
Legit.ng earlier reported that ]private petroleum depot owners in Lagos have slashed the price of Premium Motor Spirit by about 14 per cent following Dangote Refinery’s latest reduction in gantry prices.
The move has intensified competition in Nigeria’s downstream oil market and sparked a rush by marketers to restock at cheaper rates.
Market checks showed PMS now sells for as low as ₦710 per litre at major Lagos depots, down sharply from an average of ₦828 per litre recorded just a week earlier.
Source: Legit.ng
