Prices of Premium Motor Spirit (PMS), commonly known as petrol, have started declining across the country following the recent reduction in the ex-depot price by the Dangote Petroleum Refinery.
Despite the downward adjustment, pump prices are yet to fall below N800 per litre at most filling stations, as major marketers in Lagos now sell between N820 and N890 per litre, compared to N910 and N920 recorded before the latest price cut.
Only MRS filling stations are dispensing PMS at N739 per litre in Lagos, a development that has resulted in long queues at some outlets, particularly the Alapere station.
On Sunday, Chairman of Dangote Petroleum Refinery, Alhaji Aliko Dangote, announced that MRS and other filling stations sourcing PMS from the refinery would begin selling petrol at N739 per litre from Tuesday in Lagos. While the new price has taken effect across MRS stations, other marketers are yet to fully align with the revised rate.
However, correspondents observed a noticeable reduction in prices across several states. In Lagos, Bovas was seen selling at N820 per litre, Heyden at N890, Ardova at N880 and Conoil at N850, among others.
Industry sources disclosed that private depot operators initially attempted to keep prices close to N800 per litre, but slow sales and the risk of stock accumulation forced them to adjust prices downward in line with Dangote’s revised rates.
Energy analysts said the price cut is expected to intensify competition in the downstream petroleum sector and could result in further reductions during the holiday season, provided the refinery sustains its supply volumes and pricing strategy.
Meanwhile, the situation remains mixed across the country. In Abuja, filling stations were still selling PMS above N900 per litre, while pump prices dropped to about N890 per litre in Bayelsa State and N850 per litre in Kano.
