MRS, Ardova and Others Set New Pump Prices Nationwide
- Relief for Nigerians as major downstream marketers have adjusted their petrol pump prices across the country
- The latest change is thanks to Dangote Petroleum Refinery's announcement of a fresh price cut for marketers and retail prices
- Despite the price slash, S&P Global said Dangote Refinery's reduction in petroleum product prices was insignificant
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
Leading downstream petroleum marketers across Nigeria, including Ardova (AP), MRS, Heyden, Optima Energy, and Tecno Oil, have slashed petrol pump prices following a fresh directive from the Dangote Petroleum Refinery.
The refinery reduced its ex-depot price of Premium Motor Spirit (PMS) to N835 per litre from N865, effective April 16.
Source: Getty Images
Ex-depot is the price marketers buy from Dangote refinery.
In response, retailers affiliated with Dangote’s distribution network have adjusted prices across key regions:
- Lagos: N890 per litre, down from N920
- South-West: N900 per litre, down from N930
- North-West and North-Central: N910 per litre, reduced from N940
- South-East, South-South and North-East: N920 per litre, previously N950
The revised pump prices are expected to bring relief to motorists and transport operators, amid rising living costs and increased demand during the Easter period.
Dangote new fuel price
In a statement, Dangote Refinery said the price adjustments are part of a broader strategy to stabilise fuel prices, ensure supply reliability, and ease inflationary pressures across the country.
The company said:
“Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers.
"We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season."
"Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country."
Source: Getty Images
S&P Global says Dangote fuel remains pricey
S&P Global said in a report that the Dangote refinery’s reduction in petroleum products’ prices was not significant compared to the global fall in prices.
It noted that the refinery did not lower its gantry prices enough, and the importation of petrol remains very attractive, Punch reports.
It said:
"Incentives to ship products to West Africa have also come from the pricing at Nigeria’s Dangote refinery. While flat prices have been driven down massively amid falling crude prices, Dangote has not lowered gantry prices for truck volumes significantly."
NNPC petrol now N910 per litre
According to an earlier report by Legit.ng, the Nigerian National Petroleum Company Limited (NNPCL) reduced its petrol pump price to N910 per litre, a N15 cut from the previous rate of N925.
Despite the adjustment, petrol sold by Dangote Refinery and its partner marketers, including Ardova, remains cheaper.
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Source: Legit.ng
