Motorists may begin to see a reduction in petrol prices across filling stations following a fresh downward adjustment of ₦35 per litre in the gantry price of Premium Motor Spirit (PMS) by Dangote Refinery.
A market survey indicated that the refinery reduced its petrol gantry price from ₦1,250 to ₦1,215 per litre, representing a ₦35 decrease.
The Chief Executive of Petroleumprice.ng, Olatide Jeremiah, confirmed the adjustment, saying the new price was communicated through consortium marketers.
Jeremiah disclosed that some depot operators, including Soroman, Aiteo and Masters, were selling petrol at prices ranging between ₦1,255 and ₦1,300 per litre.
“It’s the consortium marketers’ price,” he said in an interview.
The development was also welcomed by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, who described the reduction as a positive step for consumers.
“It is a good thing for Nigerians,” Maigandi said.
The latest adjustment comes amid sustained pressure on petrol prices, which have remained high in recent weeks, increasing the cost of transportation and other essential goods and services.
According to the market survey, petrol was selling at retail outlets across the country for between ₦1,370 and ₦1,429 per litre before the latest reduction by the refinery.
The lower gantry price is expected to create room for a downward adjustment in retail prices as independent marketers and other fuel retailers begin to replenish their stocks at the new rates.
However, the actual prices motorists will pay may vary from one location to another, depending on transportation costs, depot charges, marketers’ operating expenses and the purchase price of existing stock.
The anticipated reduction in pump prices from Monday will therefore depend on how quickly marketers reflect the new supply cost in their retail outlets.
Dangote Refinery’s latest adjustment is expected to provide some relief to motorists and businesses if the reduction is passed on to consumers across the country.
