Petrol Price Drops: Filling Stations Slash Pump Rates Days After Dangote Refinery Cut

Nigerian filling stations have begun adjusting pump prices downward, barely five days after Dangote Refinery announced a fresh cut in its petrol price, signalling early ripples of competition across the downstream oil sector.

A spot-check across selected outlets in Abuja on Wednesday showed that major marketers such as MRS, AA Rano, and Bovas have revised their Premium Motor Spirit (PMS) prices downward. MRS stations now sell petrol at ₦739 per litre, a sharp drop from ₦910. AA Rano adjusted its pump price to ₦840 per litre from ₦910, while Bovas reduced its price to ₦865 per litre, also down from ₦910, PulseNets learnt.

The adjustments translate to price reductions ranging from ₦45 to ₦171 per litre, providing temporary relief to motorists amid rising living costs.

However, the price cuts are not yet uniform nationwide. PulseNets observed that Ranoil, Empire Energy, and several other filling stations across the country maintained their pump prices at ₦910 to ₦912 per litre as of Wednesday.

Meanwhile, Nigerian National Petroleum Company Limited (NNPCL) retail outlets, including those along the Kubwa Expressway in Abuja, were reportedly out of petrol at the time of filing this report.

Further checks obtained by PulseNets indicate that ex-depot prices remain significantly lower. Petrol from Dangote Refinery was selling at ₦703 per litre, while Pinnacle offered the product at the same rate of ₦703 per litre. Bovas’ ex-depot price stood slightly higher at ₦708 per litre.

The latest development follows recent remarks by the President of Dangote Refinery, Aliko Dangote, who argued that petrol prices in Nigeria should be far lower than prevailing retail rates.

“Based on our cost structure, petrol should not be sold for more than ₦740 per litre in Nigeria,” Dangote said, a position that has since intensified competition within the downstream oil market.

Industry analysts told PulseNets that Dangote’s comments and pricing strategy have effectively triggered a price battle among marketers, forcing some operators to respond quickly to avoid losing market share.

Also Read: Petrol Price to Drop Soon as Dangote Refinery Resumes Loading

Recall that Dangote Refinery last week announced a reduction in its petrol gantry price from ₦828 per litre to ₦699 per litre, a move that has continued to reshape pricing dynamics across Nigeria’s fuel supply chain.