Barely five days after the Dangote Refinery announced a downward review of its petrol gantry price, filling stations across parts of the country have begun adjusting their pump prices, with motorists enjoying significant reductions.
A survey of filling stations in Abuja by journalists on Wednesday (today) showed that some major marketers had effected fresh price cuts on Premium Motor Spirit (PMS), also known as petrol.
According to Daily Post, MRS Oil Nigeria Plc reduced its pump price to ₦739 per litre from ₦910, representing a drop of ₦171.
AA Rano also reviewed its price downward to ₦840 per litre from ₦910, while Bovas Petroleum adjusted its price to ₦865 per litre from the previous ₦910.
Overall, the adjustments indicate that petrol prices were slashed by between ₦45 and ₦171 per litre at the affected outlets.
However, not all marketers followed suit. Ranoil, Empire Energy and several other filling stations across the country maintained their pump prices at between ₦910 and ₦912 per litre as of Wednesday.
Meanwhile, checks at Nigerian National Petroleum Company Limited retail outlets, including those along the Kubwa Expressway in Abuja, showed that the stations were out of stock at the time of filing this report.
Further findings showed that ex-depot petrol prices have also moderated. Dangote Refinery’s ex-depot price stood at ₦703 per litre, while Pinnacle sold at ₦703 per litre and Bovas at ₦708 per litre.
Naijaonpoint reports that the latest price movements follow comments by the President of Dangote Refinery, Aliko Dangote, who recently stated that petrol should not sell for more than ₦740 per litre in Nigeria.
Dangote’s remarks have since triggered intense competition and a price war in the downstream oil sector, as marketers struggle to align pump prices with the new realities.
Recall that Dangote Refinery last week announced a reduction in its petrol gantry price from ₦828 per litre to ₦699 per litre, a move that has continued to ripple across the market.
Industry watchers say further price adjustments may occur in the coming days as marketers respond to supply dynamics and competitive pressures within the sector.