Despite the ex-depot petrol price reduction announced by Dangote Petroleum Refinery on Monday, many fuel marketers have refused to lower pump prices, citing potential financial losses.
Speaking with The PUNCH on Tuesday, marketers explained that they would not adjust pump prices until they have sold off petrol purchased at higher rates, around ₦900 per litre.
On Monday, The PUNCH reported that the Dangote refinery had reduced its ex-depot price from ₦880 to ₦840 per litre. The spokesman of the Dangote Group, Anthony Chiejina, confirmed the development:
“PMS price has been reduced from ₦880 to ₦840 per litre effective 30th June,” he said.
The recent reduction follows a previous price hike linked to the 12-day conflict between Israel and Iran, which had pushed crude oil prices near $80 per barrel, prompting the refinery to increase its ex-depot petrol price to ₦880.
Although marketers had anticipated a price review from Monday, many have decided to maintain current pump prices until their old stock—acquired at higher prices—is fully sold.
Industry watchers suggest that the pump price impact may take several days to reflect, depending on inventory cycles and market dynamics.
