MRS, Ardova, Mobil, Other Filling Stations Announce New Fuel Prices After Dangote Price Slash

• Filling stations have adjusted their petrol pump prices following a decision by Dangote to slash ex-depot prices
• Checks show that several filling stations are now selling N10 or N20 less than their previous pump price
• The new prices put pressure on the Nigerian National Petroleum Company (NNPC) to also make changes

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

Following the Dangote Petroleum Refinery's decision to slash ex-depot petrol prices to N867, several filling stations have adjusted their pump prices, signalling a potential relief for motorists.

Checks by Legit.ng show that petrol, which was priced between N930 and N950 in Lagos, is now being sold between N920 and N945 as of Monday, April 14.

Although NNPC Limited had yet to make adjustments as of the time of reporting, oil marketers such as Ardova, Mobil, Petrocam, Hyden, and Matrix have also announced reductions in pump prices.

Read also

Traders increase cement prices again as Dangote, BUA, Lafarge ignore Umahi's warning

New fuel prices at filling stations

At Ardova filling station, the fuel pump price was reduced by N10, from N930 per litre to N920 per litre. Fuel is also now sold at N920 at the MRS filling station.

What this means is that Ardova filling stations and MRS fuel prices are now cheaper than NNPC, which still sells at N925.

Mobil filling stations have reduced their prices to N925 per litre, down from N940, while Petrocam lowered its price from N940 to N930.

A manager who identified himself as Kunle at one of the filling stations told Legit.ng:

“We received instruction this morning (Monday) to adjust the pump.”

NewsTelegraph reports that Dangote refinery partners downstream players MRS Oil, Ardova Plc, and Hyden Energy were instructed to adjust prices from N930 to N910 on Thursday, April 10.

It is expected that more changes will be made

Private depots also reduced prices for marketers

Read also

PETROAN says cheaper fuel likely as NNPCL, MRS, Ardova's new pump price emerges

Similarly, Dangote Refinery's price slash has prompted a wave of price reductions among major depots across Nigeria.

Data tracked over the past few days since Dangote announced new prices show that more than 12 private petroleum depots have adjusted the prices they sell to marketers.

For example, Rainoil Lagos reduced its petrol price by N34 to N866, while Zamson reduced it by N36 to sell at N875.

NIPCO Lagos now sells at N870. MENJ and A.A Rano petrol price has been reduced to N870.

Before Dangote's price reduction, most depots were selling to marketers at prices above N900 per litre.

PETROAN expects more reduction

Punch reports that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says Nigerians will soon begin to reap the benefits of falling global crude oil prices, following Dangote Refinery’s decision to slash ex-depot price to N865 per litre.

Joseph Obele, PETROAN's spokesperson, noted that the key to cheaper fuel is the federal government’s naira-for-crude oil policy.

Read also

MRS, Ardova, Hyden filling stations sell at cheaper rates than NNPC as new fuel price emerges

Fuel price changes in Africa

Earlier, Legit.ng reported a wave of petrol price reduction across Africa, driven by a decline in global crude prices.

However, data from Globalpetrolprices.com showed that Nigeria still has the cheapest pump price in West Africa and ranks 13th globally.

Countries such as Ivory Coast, Mali, Morocco, and South Africa have all announced recent reductions in fuel prices.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng