Fuel Marketers Ignore Dangote’s New Rates, Maintain Old Prices
Fuel marketers across Lagos, Ogun, and other key states have continued to sell petrol at old rates despite the price reductions announced by the Dangote Petroleum Refinery last week, leaving motorists frustrated as relief at the pump remains elusive.
Checks by Punch on Wednesday showed that most filling stations in Lagos and Ogun were still dispensing petrol at an average of N865 per litre, instead of the N841 per litre projected for the region under the new pricing template.
Dangote had pegged its latest ex-depot price at N820 per litre, expecting the change to reflect at filling stations nationwide.
Among major downstream partners, including MRS, Heyden, and Ardova, none had fully complied. Heyden stations offered the lowest at N863 per litre, while others retained prices between N865 and N870 per litre.
The Nigerian National Petroleum Company Limited (NNPC) also confirmed that it had not made any adjustments.
Explaining the delay, some marketers said they were still offloading old inventory purchased at higher prices. “We cannot adjust until the new stock reflects in our tanks,” one station manager in Lagos told Punch.
The standoff has sparked debates within the oil sector. While Dangote has insisted on lowering prices to ease the burden on Nigerians, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) criticised the refinery’s frequent price cuts, warning that they destabilise the market and harm other importers.
Data from Petroleumprice.com on Tuesday showed Dangote’s ex-depot price at N824 per litre, the lowest in the market. Competitors were higher: Integrated Oil sold at N836, Aiteo at N835, Pinnacle, RainOil, and First Royal at N840, Soroman at N849, while Emadeb was the highest at N873.
However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said price cuts would soon reach consumers once Dangote’s compressed natural gas (CNG)-powered trucks fully roll out.
IPMAN President, Abubakar Shettima, confirmed that deliveries had begun in Lagos, Ogun, and Ondo states, with reductions expected in Abuja and other parts of the country.
“Wherever Dangote discharges, all independent marketers will follow with a change in price. Already, some stations have started reducing, and once supplies reach others, the adjustment will happen,” Shettima said.
Despite the resistance, Dangote Group President, Aliko Dangote, has maintained his commitment to driving down costs through direct distribution, bypassing bottlenecks in the supply chain.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
