Many marketers have refused to change their pump pricing, claiming they risk losing money, even after the Dangote Petroleum Refinery reduced the ex-depot prices of Fuel on Monday.
According to the marketers who talked to The PUNCH on Tuesday, they won’t be able to lower their pump pricing
until they sell out of the goods they bought for about N900 per litre.
The Dangote refinery lowered the ex-depot price of gasoline from N880 to N840 per litre on Monday.
This was also confirmed by Anthony Chiejina, the Dangote Group’s spokesperson.
Chiejina stated that the price reduction took effect on June 30. “PMS price has been reduced from N880 to N840 per litre effective 30th June,” he said.
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Meanwhile, recall how the price of crude oil rose to nearly $80 per barrel during the 12-day crisis between Israel and Iran,
and how the Dangote refinery abruptly increased the price of petrol to N880?
Will Other Marketers Follow The Dangote Stride To Drop Fuel Prices?
However, On Sunday, marketers had expected a new price regime to take effect on Monday.
As of Tuesday, other importers and depot owners have changed their prices to conform to the new price regime
brought about by the decline in oil prices after the Israeli-Iranian ceasefire.
Down from N920, most of the depots dropped their gantry prices to an average of N845 a litre.
furthermore, according to Petroleumprice.ng, RainOil, Pinnacle, Matrix, Emadeb, Wosbab and First Royal were selling petrol at N845 in Lagos on Tuesday.
Similarly, NIPCO, Aipec and integrated sold premium motor spirit at N850 per litre.
In other depots outside Lagos, such as Warri and Port Harcourt, the product was sold at an average of N860.
As the Dangote refinery removed N40 from its gantry price, Nigerians expected that this would be replicated by filling stations
but the checks by our correspondent showed yesterday that the price remained the same.
Also Dangote partners such as MRS, Heyden and AP have yet to call the shots,
it is observed that other filling stations may not change their pump prices.
Reports are that Filling stations still dispensed petrol at an average of N920 to N935 in Ogun and other parts of the South West on Tuesday.