Fuel prices fail to drop below N800 in Lagos, others
Prices of premium motor spirit (PMS) otherwise known as petroleum have started dropping across the country following the reduction in ex-depot price by the Dangote Refinery, checks by Daily Trust have shown. However, the prices are yet to drop below N800 as major marketers now dispense between N820 and N890 in Lagos as against N910 […]
fuel
Prices of premium motor spirit (PMS) otherwise known as petroleum have started dropping across the country following the reduction in ex-depot price by the Dangote Refinery, checks by Daily Trust have shown.
However, the prices are yet to drop below N800 as major marketers now dispense between N820 and N890 in Lagos as against N910 and N920 prior to the latest reduction.
Only MRS filling stations are dispensing at N739 per litre in Lagos with long queues at some of its stations especially the Alapere station.
Daily Trust reports that the Dangote Refinery has crashed its ex-depot price by N125 over the weekend.
On Sunday, Chairman of Dangote Petroleum Refinery, Alhaji Aliko Dangote, has disclosed that MRS and other filling stations purchasing Premium Motor Spirit (PMS) from his refinery will begin dispensing fuel at N739 per litre starting Tuesday in Lagos.
While this has been implemented across MRS stations, other filling stations still sell above N800. However, our correspondents observed a significant drop in fuel prices across the country.
In Lagos, Daily Trust observed that Bovas sells at N820; Heyden N890; Ardova 880; Conoil, 850, among others.
In response to Dangote refinery’s price slash, private depot owners also slashed prices from N828 to N710 per Litre (N118 Cut).
It was learnt that private depots initially tried to hold prices near N800 per litre, but slow sales and the threat of stock buildup forced them to align with Dangote’s lower rates.
Experts say the price cut is likely to intensify competition and could lead to further reductions during the holiday season if Dangote sustains its supply and pricing approach.
However in Abuja our correspondent reports that filling stations still dispense above N900 per litre. In Bayelsa, the pump price dropped to N890 per litre.
…Price drops to N850 in Kano
Our correspondent in Kano reports that major marketers have reduced pump price to N850 per litre on Tuesday.
A visit to Aliko filling station at Tarauni shows that the station has adjusted its pump price from N925 to N850.AY Maikifi and AA Rano filling stations have also adjusted to N850 per litre from the previous N925 they were selling on Monday.
An MRS filling station at Sabo Bakin zuwo road was however not selling when our reporter visited.
An attendant in the station said the station was out of stock and the price will likely drop to N750 by Friday when the stock arrives.
…Prices fall to N820 in Kwara
In Ilorin, Kwara State, fuel prices across filling stations recorded a slight drop, with petrol selling for as low as N820 per litre at some outlets across the metropolis.
Checks by our correspondent showed that AP filling stations sold petrol at N884.9 per litre, while BOVAS and Shafa outlets dispensed the product at N820, the lowest price recorded during the survey.
NIPCO and MRS stations sold petrol at N870 per litre, while Abanik filling station sold at N860.
At Nigerian National Petroleum Company retail outlets, petrol was sold at N890 per litre, a price also observed at some independent filling stations within Ilorin.
Despite the reduction recorded at a few outlets, motorists called for further downward review of prices to ease transportation costs.
Speaking with our correspondent, a motorist, Mr Abdullateef, said fuel marketers were attributing the slow adjustment to old stock, noting that price increases are usually implemented immediately whenever supply costs rise.
“They keep saying they have not bought fuel at the new Dangote price, but if the price goes up, they adjust immediately,” he said.
A station manager at a BOVAS filling station, who declined to be named, said prices were expected to fall further once stations begin lifting products at the new reduced rate.
Some fuel attendants also expressed optimism that more stations would adjust their pump prices in the coming days.
…IPMAN welcomes price slash
National Secretary of the Independent Marketers’ Association of Nigeria (IPMAN), Alhaji Olanrewaju Okanlawon in a chat with Daily Trust confirmed that fuel prices are dropping nationwide.
He stated that those still selling a bit higher would eventually adjust by the time they exhaust their current stock.
“Prices are dropping and by next week, we will see a significant drop,” he said. “It is good for the system. In Ilorin, Ibadan, we are seeing fuel sell for N820. This is good for the system,” he added.