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A price war is currently disrupting Nigeria’s downstream fuel market, as intense competition among petrol retailers drives aggressive price cuts, creating instability across the sector.
The disruption, which started with a price reduction announcement by the Dangote Petroleum Refinery last week, from N920 per litre to N890 among its partners, which included MRS, Heyden, AP (Ardova Petroleum), Optima Energy, Hyde, and Techno Oil, has seen other marketers dropping prices.
In Lagos yesterday, NNPC retail outlets further dropped their price from N910 per litre to N880 in Lagos and N935 in Abuja.
At the NNPC filling station at Apple Junction, Lagos, the product was sold for N880 per litre.
However, the price remained at N910 per litre at the NNPC retail outlets on Charity Road, Abule; College Road in Ogba; and on Acme Road, also in Ogba.
The situation has created stiff competition among retail outlets as they battle to retain customers with the most affordable price.
The refinery equally announced a reduction in the gantry price of petrol, from N865 to N835, effective last week. The reduction in gantry price marks the second price reduction within a week.
The refinery assured that high-quality Dangote petrol will now be available at the following prices across all its partner retail outlets.
Dangote disclosed that its key partners—including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil—will offer petrol at N890 per litre, down from N920 in Lagos.
In the South-West, the price will be N900 per litre, reduced from N930.
In the North-West and North-Central, the price will be N910 per litre, lowered from N940.
According to Dangote, these price reductions reaffirm its commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.
Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers. For example, in February, the refinery reduced prices twice by N125.
In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.
The refinery said it anticipates that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.
Source: thesun.ng
