Mobil, TotalEnergies, Conoil Announce New Petrol Price
- Research has shown that petrol is still selling at filling stations for above N1000 per liter
- This happened despite price reductions by Dangote Refinery and the Nigerian NNPCL
- IPMAN's National Publicity Secretary, Chinedu Ukadike said the pricing difference is gradually narrowing
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Investigation has revealed that premium motor spirit (PMS), also known as petrol, continues to sell for more than N1000 per litre at filling stations even after the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery lowered the price.
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To provide Nigerians much-needed respite, Dangote Refinery earlier Thursday lowered the price of PMS to N899.50k per litre in what it called a Holiday Bonanza.
To further benefit customers, Dangote Group unveiled a special deal in a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer.
This means customers can buy an extra litre of fuel on credit for each litre purchased with cash at Dangote Petroleum Refinery in addition to the holiday discount.
Dangote released a second announcement over the weekend, stating that it has partnered with MRS with PMS to offer the product countrywide at N935 per litre.
Aliko Dangote, the president of Dangote Industries Limited, recently praised President Bola Ahmed Tinubu for the naira for the crude exchange arrangement, saying it has improved the Nigerian economy and lowered the cost of petroleum products in the nation.
In a statement, Dangote Refinery said that it has teamed up with MRS to offer petrol for N935 per liter.
In the statement, Dangote said, “To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added.
This price has already commenced in Lagos, and it will be offered nationwide from Monday (today).
However, our investigations by Daily Trust showed that NNPCL stations nationwide sell more than N1,000 liters per liter.
Additionally, other large marketers sell for more than N1000, though Bovas Filling Station lowered its pricing to N985. According to a random check conducted yesterday in Lagos, Mobil, TotalEnergies, and Conoil, among others, sell for N1015, N1060, and AP 1047.
Some filling stations have begun to lower their rates, and the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that price reductions would be implemented in the coming days.
The price gap is steadily closing, according to Chinedu Ukadike, IPMAN's National Publicity Secretary, who spoke with our correspondent.
“It is now price competition, no longer product availability. The price disparity is coming closer. The monopoly of the major marketers and the NNPC is no longer there. Independent marketers and also NNPC are selling almost what NNPC is selling. That is the beauty of deregulation and we welcome it.”
Olufemi Soneye, spokesman for the NNPCL, did not respond to our correspondent’s enquiry yesterday on when the NNPC.
Data shows African countries with highest fuel prices
Legit.ng reported that Nigeria has experienced volatility in its fuel prices following the removal of the petrol subsidy in 2023.
Petrol prices increased from N198 per litre in May 2023 to over N1,150 in October this year as the Nigerian National Petroleum Company Limited (NNPC) adjusted prices.
The state oil firm adjusted prices three times in two months, reflecting the volatility.
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Source: Legit.ng
