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Fuel Price Tsunami: Dangote Refinery Slashes Rates, Nationwide Petrol Cost Set To Plummet
Petroleum marketers and fuel station operators have forecasted a drop in petrol prices to below ₦900 per litre nationwide, following a fresh price reduction by the Dangote Refinery.....KINDLY READ THE FULL STORY HERE▶
On Monday, the 650,000-barrel-per-day Dangote Refinery, located in Lekki, Lagos, introduced a ₦10 rebate for buyers purchasing Premium Motor Spirit (PMS) at ₦835 per litre.
According to Naija News, this development was confirmed in separate interviews by the National Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry.
The refinery’s latest reduction in ex-depot pricing is expected to influence retail pump prices across major stations affiliated with Dangote, such as MRS, Ardova (AP), Heyden, Optima Energy, Hyde, and Techno Oil.
As of Monday evening, MRS outlets were still selling petrol at ₦910 per litre, but a staff member at an MRS station along the Kubwa Expressway in Abuja told DAILY POST that prices are expected to fall to ₦900 per litre by mid-week.
“We expect to begin selling at ₦900 per litre between Wednesday and Thursday,” the employee, who spoke on condition of anonymity, said.
An insider at the Nigerian National Petroleum Company Limited (NNPCL) also revealed that the state-run oil company may lower its pump price to a range between ₦880 and ₦900 per litre soon.
This marks the third time the privately owned $20 billion Dangote Refinery has slashed its petrol prices since the Federal Government—through the NNPCL—renewed its naira-for-crude supply agreement with the refinery on April 9.
Following that agreement, the refinery dropped its ex-depot price from ₦880 to ₦865 per litre on April 10, later reduced it to ₦835, and most recently, to ₦825 per litre.
Commenting on the recent price shifts, IPMAN National Secretary James Tor stated that fluctuations in petrol pricing have become routine since the deregulation of Nigeria’s downstream petroleum sector.
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