Marketers sell petrol for N1,280, N1,380 in Lagos, Oyo, Ogun, Abuja despite Dangote price slash

MANY oil marketers in Abuja, Lagos and Ogun states have refused to effect change in the price of Premium Motor Spirit (PMS), also known as petrol, almost 24 hours after Dangote Refinery announced a major slash in ex-gantry price from N1,250 per litre to N1,175, representing N75 per litre cut.

From Abuja to Lagos, Ogun and Oyo states, many filling stations, on Tuesday, sold the petrol between N1,280 per litre and N1,380 per litre.

As at the time of filing the report, surveys by the Nigerian Tribune showed that many filling stations in Abuja are still selling between N1,370 and N1,380, despite the new gantry price reduction.

The excuse some of the marketers gave was that they still have old stock and will have to dispense it before selling at the new price.

It was also discovered that MRS Oil, a Dangote-partnered filling station, dispensed fuel at N1,317, while NNPC adjusted their pump price to N1,334 per litre in Abuja.

Motorists, who besieged some of the filling stations, expressed disappointment at the turn of events, as they believed that the US-Iran-Israel war responsible for the hike in crude oil price is gradually fizzling out.

In Lagos, Oyo and Ogun states, many petrol stations sold to customers between N1,275 per litre and N1,290 per litre respectively.

Some of the petrol stations are MRS, ConOil, Ardova, Matrix, SAO, Fatgbems and TotalEnergies, among others.

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One of the major marketers, who spoke on the condition of anonymity, told the Nigerian Tribune that despite the major slash in gantry price by Dangote Refinery, it would take weeks before most filling stations can adjust, citing the need to dispense old N1,295 stock.

Recall that Dangote Refinery, on Monday, announced a major cut in ex-gantry price from N1,250 per litre to N1,175 per litre.

The new price, which took effect from 12am Tuesday, is expected to lower pump prices across the country.

The petrol price review followed a sharp correction in global oil markets after the United States and Iran moved closer to a diplomatic agreement that could restore stability to the Strait of Hormuz, a global oil shipping route.

Dangote Refinery on Monday issued a notice to customers, informing them about the price reduction.

The notice from the refinery read:

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our Premium Motor Spirit (PMS) gantry/coastal price.”