Nigerian filling stations have significantly reduced the price of Premium Motor Spirit, barely five days after Dangote Refinery announced a downward review of its petrol gantry price. A recent survey of filling stations in Abuja revealed that major fuel retailers, including MRS, AA Rano, and Bovas, have adjusted their pump prices downwards.
MRS now sells petrol at N739 per litre, down from N910, while AA Rano and Bovas have reduced their prices to N840 and N865 per litre, respectively, from N910. This translates to a price drop of between N45 and N171 per litre. However, some filling stations, such as Ranoil and Empire Energy, have maintained their prices at N910 and N912 per litre as of the latest update.
The ex-depot fuel price for Dangote Refinery currently stands at N703 per litre, with Pinnacle and Bovas at N703 and N708 per litre, respectively. The development follows a statement by Aliko Dangote, President of Dangote Refinery, that the country’s fuel price should not exceed N740 per litre. This comment has sparked a price war within the downstream oil sector, with Dangote Refinery having reduced its gantry petrol price to N699 per litre from N828 last week.
The reduction in fuel prices is a welcome development for Nigerian consumers, who have been bearing the brunt of high fuel costs. The move is also expected to have a positive impact on the country’s economy, as lower fuel prices can lead to reduced production costs and increased economic activity. As the situation continues to unfold, it remains to be seen how other fuel retailers will respond to the price adjustments made by Dangote Refinery and other major players in the industry.
