Oil marketers sourcing Premium Motor Spirit (PMS), commonly referred to as petrol, from Dangote Petroleum Refinery have announced a price cut of 11.8%, bringing the cost down to N939.50 per litre from its previous price of N1,060 per litre.
Until recently, petrol was being sold at N1,060 per litre, according to findings in Lagos and its surrounding areas. However, checks on Friday by Saturday Vanguard revealed that major marketers like MRS have adjusted their pump prices to reflect the new rates.
When approached for comments, MRS Chairman, Sayyu Idris Dantata refrained from making a statement. Nonetheless, a visit to the company’s Ojota, Lagos, filling station confirmed that the new price of N939.50 per litre is now in effect.
Meanwhile, Dangote Petroleum Refinery has further reduced its ex-pump price to N899.50 per litre, down from N970 per litre. The company emphasized that this price adjustment is aimed at easing the financial burden on Nigerians during the festive period.
Relief for Consumers – Dangote Refinery
Anthony Chiejina, Chief Branding and Communications Officer for Dangote Group, highlighted the refinery’s efforts to support Nigerians in his statement:
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
Variations in South-South Petrol Prices
Despite the reductions, prices in the South-South region have yet to reflect the adjustments due to delayed supply arrivals. In Bayelsa State, the NNPC mega stations still sell petrol at N1,040 per litre, while independent marketers charge between N1,080 and N1,100 per litre. In Cross River, the price at NNPC stations remains at N1,060, with major marketers selling it at N1,070 or higher.
In Akwa Ibom, NNPC stations are dispensing petrol at N1,070 per litre, while other outlets have prices ranging from N1,090 and above, depending on the location. Meanwhile, Rivers State prices vary between N1,045 at NNPC stations and N1,080 to N1,100 at other stations.
Oil marketers anticipate a further drop in petrol prices as fresh supplies reach filling stations in the coming weeks.
(VANGUARD)