Petrol retailers along the Lagos-Ibadan Expressway have intensified competition, cutting pump prices in a bid to retain customers, barely weeks after the Dangote Petroleum Refinery adjusted its gantry price.
From N839 per litre recorded last week, some filling stations along the Mowe–Ibafo axis of the highway in Ogun State have reduced prices to as low as N815 per litre, reflecting heightened price competition among independent marketers.
Several stations across the corridor sold premium motor spirit (PMS) below N839 per litre, the price recommended by the Dangote refinery after it raised its gantry price from N699 to N799 about two weeks ago.
Checks along the axis showed that SGR filling station in Mowe offered the lowest price in the area, selling petrol at N812 per litre as of Sunday. Alade filling station near Ibafo dispensed PMS at N820 per litre, while Habeeb filling station reduced its price to N819 per litre.
Similarly, the two SAO filling stations located in Mowe and Lotto sold petrol at N825 per litre, with Akiavic also offering the product at the same price. NIPCO filling stations along the expressway sold PMS at N828 per litre.
Across the corridor, all AP filling stations were observed selling petrol for either N830 or N834 per litre.
Industry watchers say the price reductions highlight intensifying competition among retailers, as marketers attempt to balance rising supply costs with the need to attract motorists in a deregulated downstream market increasingly driven by pricing strategies and consumer demand.
