Petrol prices drop at filling stations in Lagos and Ogun after Dangote refinery cuts gantry price
By Aboki Forex —
Filling stations in parts of Lagos and Ogun states have started reducing the pump price of petrol. This follows the recent cut in the gantry price by the Dangote Petroleum Refinery.
The Dangote refinery reduced its ex-depot price by N75, from N1,250 to N1,175 per litre. The adjustment is linked to the drop in global crude oil prices after an agreement between Iran and the United States.
At the SGR filling station in Mowe, Ogun state, a litre of petrol now sells for N1,199. That is the lowest price seen so far. NIPCO, SAO, AP and MRS stations sell at N1,205 per litre. Mobil stations sell at N1,220. Heyden's station in Iperu sells at N1,285. NNPC Retail outlets in Ogun state sell at N1,245 per litre.
Chinedu Ukadike, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said many stations have not yet reduced prices below N1,300. He explained that they are still selling old stock bought at higher rates. Immediate price cuts could lead to losses for those marketers.
Ukadike said the price announcement creates a pause in loading. It allows marketers to clear old stock within a day or two. Once new products enter circulation, pricing adjustments will follow naturally.