The average price of petrol is yet to reflect the recent price slash announced by the Dangote Refinery.
The mega facility slashed petrol prices from N970 per litre to N899 on Thursday, December 19, 2024, to ease transportation burdens during the Christmas and New Year holidays.
Petrol stations retain old petrol prices
Checks show that most petrol stations across Lagos have continued to sell petrol at the old rate of N1,025 per litre in NNPC retail outlets, while major marketers still sell at N1,070 and independent marketers at N1,100.
Meanwhile, some petrol station attendants revealed they still had old stock in their tanks before Dangote Refinery’s announcement.
According to them, the new price will not be reflected immediately as marketers have yet to lift products from the facility’s latest price.
Petrol stations give reasons for retail oil prices
“We are still selling petrol at the oil price because we have not received the Dangote petrol, which is supposed to cost less, Olalekan Ojo, manager at First Royal filling station at Yaya Abatan Road, Ogba, said.
According to him, selling petrol at the new Dangote rate will lead to a loss for marketers and filling stations.
Stakeholders have hailed the Dangote refinery’s move, saying it will lower prices and promote competition nationwide.
Marketers reduce petrol prices
Legit.ng reported that oil marketers have slashed petrol prices in the Federal Capital Territory (FCT) Abuja.
An investigation showed that some petrol stations reduced prices from N1,100 and N1,150 to N1,080 and N1,090, respectively.
The move followed an earlier price slash by the Nigerian National Petroleum Company Limited (NNPC) in FCT.
