Nigerian filling stations have sharply reduced the price of Premium Motor Spirit just five days after Dangote Refinery announced a downward review of its petrol gantry price. A recent survey of stations in Abuja shows that major retailers—including MRS, AA Rano and Bovas—have cut their pump prices. MRS now sells petrol at N739 per litre, down from N910; AA Rano and Bovas have lowered their rates to N840 and N865 per litre, respectively, also from N910. These adjustments represent drops of between N45 and N171 per litre.
However, not all stations have followed suit. Ranoil and Empire Energy continue to charge N910 and N912 per litre, respectively, according to the latest update. The ex‑depot fuel price for Dangote Refinery is currently N703 per litre, with Pinnacle and Bovas pricing at N703 and N708 per litre.
The price changes follow a statement by Aliko Dangote, President of Dangote Refinery, that the country’s fuel price should not exceed N740 per litre. His comment has sparked a price war in the downstream oil sector, prompting Dangote Refinery to reduce its gantry petrol price to N699 per litre from N828 the previous week.
The decline in fuel prices is a welcome development for Nigerian consumers, who have been burdened by high costs. Lower fuel prices are also expected to benefit the economy by reducing production costs and stimulating economic activity. As the situation evolves, it remains to be seen how other fuel retailers will respond to the adjustments made by Dangote Refinery and other major industry players.
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