Efforts to reduce petrol prices in Nigeria have faced significant hurdles, as many filling stations across the country continue to sell Premium Motor Spirit (PMS) at exorbitant prices exceeding N1, 000 per litre. This has left countless consumers feeling frustrated and burdened by the high cost of fuel. Despite the notable price cuts implemented by major suppliers such as Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL), the anticipated drop in pump prices has not been uniformly reflected at fuel stations.
Reports indicate that the primary cause of the price variation lies with independent marketers, who attribute the situation to unsold stock acquired at earlier, higher rates. These marketers explain that because they had purchased fuel at significantly higher prices prior to the reductions, they cannot immediately lower their selling prices without incurring financial losses. However, they have assured the public that as soon as they clear their current stock, prices will align with the recent cuts implemented by the major suppliers.
The Dangote Refinery, in a move aimed at alleviating the financial burden on consumers, recently announced a reduction in its ex- depot price from N970 to N899. 50 per litre. The ex- depot price refers to the rate at which petroleum marketers purchase fuel from depots before distributing it to retail filling stations. This reduction was expected to encourage a corresponding decrease in pump prices across the country. To ensure the widespread implementation of this price drop, the refinery collaborated with key distributors, including MRS Oil Nigeria. This partnership helped reduce pump prices at numerous stations to N935 per litre, a significant decrease from the previous rates, which exceeded N1, 000 per litre in some locations.