The price of Premium Motor Spirit (petrol) at private depots dropped to N925 per litre on Monday, marking a N27 reduction from N952 at the highest-selling depot last Friday.
This decrease was driven by the Dangote Petroleum Refinery’s decision to lower its ex-depot price from N950 to N890 per litre.
However, many petroleum marketers who had purchased products at higher costs were left with the challenge of selling at a loss, resulting in potential debts.
Data showed significant price cuts across various depots, including Nipco, Chipet, Aiteo, and others. While these reductions have not yet affected retail prices, oil and gas expert Olatide Jeremiah stated that the drop was expected.
He said, “Dangote refinery’s reduction of petrol to 890 has influenced private depots and importers to immediately review their fuel price downwards. His capacity in Refining and gantry loading has earned him the market leader in the downstream sector. The era of hoarding and price manipulation is gone. The market share war has forced all players to sit up, thus, it should start reflecting through reduction of fuel at the pump.”
Olatide Jeremiah urged the regulatory authority to fully regulate filling stations, ensuring that the consistent price reductions at depots are immediately reflected in pump prices, benefiting consumers without delays.
