Depots Announce New Petrol Prices After Dangote's Rate Cut
by Dave Ibemere, https://www.facebook.com/legitngnews · Legit.ng News · Join- Following Dangote Refinery's price cut, private depot owners have begun adjusting their petrol prices for marketers
- Checks show that new depot prices across Nigeria vary widely, ranging from N702.50 to N820
- The reduction in ex-depot prices has started to reflect at filling station pumps, with MRS now selling petrol at N739 per litre
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Several petrol depots in Lagos and surrounding states began selling fuel at lower rates following a reduction in gantry prices by Dangote Petroleum refinery
Over the weekend, Dangote announced that its ex-depot price will be reduced from N828 to N699 per litre.
This has triggered changes in private depots prices will many now selling below N800 per litre to marketers to keep pace with Dangote refinery.
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Petroluemprice.ng reports thatt new depot prices across the country varied widely, ranging from N702.50 at Dangote Refinery in Lagos to N820.00 at Matrix in Port Harcourt.
The reduction in ex-depot prices has started to reflect at retail pumps.
MRS stations in Lagos were observed selling petrol at N739 per litre while Ardova has reduce its rate from N890 to N840 at some of its location.
Dangote Refinery's new petrol price
Aliko Dangote, President of the Dangote Group recently pledged to enforce a nationwide pump price of N739 per litre for marketers buying from its refinery.
Speaking to the press over the weekend, Dangote accused marketers for retaining high retail prices despite the lower gantry rates, saying the practice undermined efforts to ease the cost of fuel for consumers.
Dangote said on Sunday:
“I was told marketers have been instructed to maintain high prices, but the price we are introducing at MRS stations in Lagos from Tuesday is N739 per litre. N970 per litre, you won’t see it again.
“For December and January, we don’t want people selling petrol above N740 nationwide. Those who want to keep the price high to sabotage the government, we will fight as much as we can to make sure these prices are down.”
MRS-led adjustment marks the first visible implementation of Dangote’s new pump price initiative and could provide temporary relief for consumers, though nationwide compliance remains uncertain, especially ahead of the festive season when fuel demand typically surges.
While MRS has implemented the lower rate, other filling stations in Lagos and Ogun continued selling petrol between N850 and N890 per litre, reflecting resistance from some marketers.
Snapshot of cheapest ex-depot petrol prices
- Dangote: N702.50
- MAO: N706.00
- Intergrated: N707.00
- Bovas: N708.00
- Menj: N710.00
- A.A Rano: N710.00
- NIPCO Lagos: N745.00
- AITEO: N780.00
- Mainland: N790.00
- Soroman: N795.00
- Sigmund: N796.00
NNPC reduces petrol price
In a related development, Legit.ng reported that the Nigerian National Petroleum Company (NNPC) Limited has reduced petrol prices in major cities.
Checks show that in Lagos, the NNPC has cut the pump price of Premium Motor Spirit (PMS) from N890 to N875 per litre, while in Abuja, the price fell from N920 to N915 per litre.
More Nigerian filling stations are now expected to adjust their petrol pump prices to match the price cut.
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Proofreading by James Ojo, copy editor at Legit.ng.