Fuel prices in Lagos and other parts of Nigeria have begun to show slight reductions following a significant cut in ex-depot prices by the Dangote Refinery. However, motorists in Lagos are still paying between N820 and N890 per litre, with only MRS stations offering petrol at N739, attracting long queues at outlets such as the Alapere station.
The price adjustment follows Dangote Refinery’s weekend announcement of a N125 reduction in its ex-depot premium motor spirit (PMS) price. While MRS stations implemented the new rate immediately, other major marketers have been slower to adjust, citing old stock as a reason for maintaining higher prices.
Across the country, reports indicate that fuel prices are gradually falling. In Kano, prices have dropped to N850 per litre, while in Ilorin, Kwara State, some stations now sell petrol for as low as N820. Private depots have also slashed their rates by up to N118, responding to slow sales and the threat of stock buildup.
Motorists and station attendants are optimistic that prices will continue to fall. Some attendants believe that as stations lift products at the new reduced Dangote rates, pump prices could drop further, possibly reaching N750 in some areas. Many consumers, however, are calling for more rapid adjustments to ease transportation costs during the holiday season.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the price reduction, confirming that the downward trend is nationwide. According to IPMAN’s National Secretary, Alhaji Olanrewaju Okanlawon, stations that are still selling at higher rates are expected to adjust once their old stock runs out, promising significant relief for motorists in the coming week.
source: Daily trust