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 experience any relief, as pump prices remain unchanged across major petrol stations in Lagos and other parts of the country.
According to Vanguard, petrol stations operated by the Nigerian National Petroleum Company Limited (NNPCL) have maintained a minimum pump price of ₦1,025 per litre, while some major marketers are selling at ₦1,070 per litre.
Independent marketers are charging even more, with prices climbing to ₦1,100 per litre in certain areas.
This disparity persists despite the refinery’s assertion that the price reduction from ₦970 per litre to ₦899.50 was intended to provide Nigerians with much-needed relief ahead of the festive season.
Commenting on the matter, the National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), Maxi Colman Obasi, commended Dangote Petroleum Refinery for lowering the ex-depot price, urging marketers to ensure the benefits reach consumers.
Another industry expert, speaking to Vanguard anonymously, noted that market deregulation and falling crude oil prices from over $73 per barrel to $72 per barrel should logically lead to a drop in petrol prices.
Dangote Refinery’s Holiday Discount Initiative
In an earlier statement, Dangote Petroleum Refinery announced a holiday discount on PMS, making petrol available at ₦899.50 per litre at its truck loading gantry or Single Point Mooring (SPM).
Additionally, for every litre purchased on a cash basis, consumers can obtain another litre on credit, secured by a bank guarantee from Access Bank, First Bank, or Zenith Bank.
Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, reiterated the refinery’s commitment to providing Nigerians with high-quality, competitively priced petroleum products that are both environmentally friendly and safe for engines.
He also emphasized that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard, blended imported products that have posed risks to health, machinery, and the environment.
Calls for Transparency in Fuel Pricing
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Nigerian National Petroleum Company Limited (NNPCL) to slash its ex-depot price of PMS to match Dangote Refinery’s reduction.
PETROAN’s spokesperson, Joseph Obele, emphasized that the price reduction by Dangote Refinery would alleviate the suffering of Nigerians and reduce the cost of living and transportation during the festive period.
Despite the positive steps taken by Dangote Refinery, the lack of corresponding reductions at the pump level has left many consumers frustrated and questioning the effectiveness of the price cut.
The situation highlights the complexities of the fuel supply chain and the need for greater transparency and accountability in pricing mechanisms.
As Nigerians continue to navigate the challenges of high fuel prices, the actions of Dangote Refinery serve as a reminder of the potential benefits of competition and market-driven pricing in the downstream sector.
The hope is that other players in the industry will follow suit, ensuring that consumers ultimately benefit from any cost reductions at the source.
