Despite recent reductions in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery, consumers across Nigeria continue to experience high petrol prices at retail stations.
On February 26, 2025, Dangote Refinery announced a N65 reduction in its ex-depot price, bringing it down from N890 to N825 per litre. This followed an earlier decrease of N60 per litre on February 1, cumulatively reducing the ex-depot price by N125 within the month. The refinery anticipated that this reduction would result in pump prices ranging between N860 and N865 per litre in Lagos.
However, reports indicate that these reductions have not translated into lower prices for consumers nationwide. In Lagos, some independent marketers continue to sell petrol at prices as high as N999 per litre. In Warri and Effurun, prices range between N930 and N980 per litre. Yenagoa, the capital of Bayelsa State, sees prices between N990 and N1,050 per litre, while in Uyo, Akwa Ibom State, petrol is sold between N1,010 and N1,090 per litre. Notably, NNPC mega stations in Uyo offer slightly lower prices at N990 per litre.
The disparity between the refinery's ex-depot price reductions and the persistent high retail prices has raised concerns among consumers and industry stakeholders. Factors such as distribution logistics, regional demand variations, and the pricing strategies of independent marketers may contribute to this inconsistency.
Industry experts remain optimistic that ongoing reforms and increased domestic refining capacity could lead to more significant price reductions in the future. Some stakeholders project that petrol prices may decrease to around N500 per litre in 2025 as these reforms take effect.
In the meantime, consumers are advised to remain informed about official price adjustments and patronize stations that reflect these changes to benefit from any reductions.
0 Comments