Relief: Petrol Price Crashes As Filling Stations Compete for Customers
- New petrol prices have emerged at several filling stations as petrol importers compete for market share
- Dangote Refinery lowered its petrol gantry price but several MRS outlets and partners continue selling at N839 per litre
- There is expectation of further reduction as Dangote announced readiness to produce more petrol
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Price competition among fuel marketers has intensified, driving petrol prices down at filling stations in Lagos and along the Lagos-Ibadan Expressway.
SGR Filling Station slashed its pump price to N805 per litre from N812 earlier in the week, retaining its position as the cheapest retailer in the Mowe axis.
Source: Getty Images
The move followed a reduction by a nearby NIPCO outlet at Lotto, which cut its rate from N828 to N812 per litre, Punch reports.
Several stations have also quickly adjusted their prices to remain competitive.
Retailers adjust prices to retain customers
At Ibafo, Alade Filling Station sold petrol at N820 per litre, while Habeeb Filling Station maintained N819 per litre.
SAO stations in Mowe and Lotto dispensed PMS at N825 per litre, with other outlets across the axis adjusting prices to match competitors.
The Dangote-partnered MRS Oil Nigeria Plc station at Olowotedo reduced its pump price to N825 per litre from N839, as motorists flocked to outlets offering lower rates. However, another MRS outlet near the Redeemed Christian Church of God camp retained its N839 rate, even as a neighbouring AP station dropped its price to N834 per litre.
Outlets run by the Nigerian National Petroleum Company Limited in Lagos and Ogun sold petrol between N837 and N840 per litre, depending on location and competition levels.
Legit.ng however observed that at the NNPC retail station in Ikeja Lagos have been adjusted downward again by N25 to N815 per litre from the previous rate of N840.
Source: Getty Images
Dangote Cuts Gantry Price
Earlier in the week, Dangote Petroleum Refinery and Petrochemicals FZE reduced its petrol gantry price by N25 per litre, from N799 to N774, effective immediately.
In a notice to marketers, the refinery’s Group Commercial Operations Department said:
“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”
Despite the depot-level reduction, several MRS outlets and other partners have yet to reflect the cut at the pump, with many maintaining the N839 rate.
Notably, pump prices were adjusted swiftly when depot prices previously increased.
Dangote said the adjustment strengthens the competitiveness of locally refined products, noting that the landing cost of imported PMS from Lome stands at about N793 per litre, compared with its N774 ex-depot rate.
Refinery hits full capacity
Earlier, Legit.ng reported that the Dangote Petroleum Refinery has reached a landmark operational milestone, achieving its full nameplate capacity of 650,000 barrels per day (bpd).
The development positions the facility as one of the largest single-train refineries in the world and marks a defining moment for Nigeria’s oil and gas sector.
The breakthrough follows the successful restoration and optimisation of the refinery’s Crude Distillation Unit (CDU) and Motor Spirit (MS) production block.
Source: Legit.ng
