Despite the recent reduction in the ex-depot price of petrol by Dangote Petroleum Refinery, pump prices at petrol stations across Lagos and other parts of Nigeria have remained unchanged.
The refinery announced a price cut for Premium Motor Spirit (PMS), commonly known as petrol, from N970 per litre to N899.50 per litre. However, this has yet to reflect at the consumer level.
Most petrol stations in Lagos are still selling petrol at a minimum price of N1,025 per litre, with major oil marketers maintaining prices of up to N1,070 per litre.
Independent marketers have even raised prices as high as N1,100 per litre, further compounding the economic burden on consumers.
The price reduction by Dangote Refinery was introduced as a holiday relief measure aimed at easing the financial strain on Nigerians during the festive season.
Industry stakeholders, however, have expressed concern over the continued disparity between ex-depot prices and pump prices.
The National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN) called on marketers to ensure that the price reduction benefits consumers.
He emphasized that the refinery had taken a significant step to reduce costs and urged marketers to reciprocate this effort.
Another industry expert noted that global crude oil prices have also declined, dropping from $73 per barrel to $72 per barrel.
The expert argued that this, alongside the deregulation of the market, should result in lower petrol prices for consumers.
Meanwhile, Dangote Refinery reiterated its commitment to providing affordable, high-quality petroleum products.
It assured Nigerians that the refinery’s operations are aimed at ending the reliance on substandard imported products, which pose risks to health, machinery, and the environment.
As the festive season approaches, many Nigerians are hopeful that the current pump prices will be reviewed to reflect the reductions in crude oil and ex-depot costs.
However, for now, the gap between wholesale and retail prices continues to place a strain on household budgets across the country.
