By Felicia Udeji
Despite a significant price reduction by Dangote Petroleum Refinery, Nigerians are yet to see relief at the pump.
The refinery recently slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N970 to N899.50 per litre to ease transportation costs during the holiday season. However, most petrol stations in Lagos still sell at a minimum of N1,025, with major oil marketers charging as high as N1,070 and independent marketers even hitting N1,100 per litre.
Industry experts in an interview with Punch Newspaper have criticized marketers for not passing the price cut to consumers. Maxi Colman Obasi, National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), remarked, “Dangote Petroleum Refinery has done well to reduce the ex-depot price of petrol. Marketers should ensure consumers benefit from it.”
Another expert, speaking anonymously, pointed out that with crude oil prices dropping from $73 to $72 per barrel and deregulation in the market, fuel prices should naturally decline.
In announcing the price slash, Dangote Refinery promised Nigerians a holiday discount, stating “Petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Additionally, for every litre purchased on a cash basis, consumers can get another litre on credit backed by guarantees from Access Bank, First Bank, or Zenith Bank.”
Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, reaffirmed the refinery’s commitment to providing premium-quality petroleum products at competitive prices. He also highlighted how the refinery aims to eliminate the importation of substandard and blended fuels, which pose risks to health and the environment.
As the festive season approaches, Nigerians await a trickle-down effect that reflects these discounts at petrol stations nationwide.