Despite price reduction, NNPC stations, others sell above N1000/L

Premium motor spirit (PMS) otherwise known as petrol still sells above N1000 per litre at filling stations despite reduction in price by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, checks by Daily Trust yesterday have shown.

Only MRS filling stations sell at N939.5 in Lagos while, as promised by the Dangote Refinery, the reduced price of N935 would be extended to other parts of the country in the coming days.

Dangote Refinery had earlier on Thursday reduced PMS price to N899.50k per litre in what it called an Holiday Bonanza to provide the much needed relief for Nigerians.

In a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the company also introduced a special offer to further benefit consumers.

In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.

Also at the weekend, Dangote issued another statement, announcing its partnership with MRS with PMS at N935 per litre nationwide.

This is just as the President of the Dangote Industries Limited, Aliko Dangote commended President Bola Ahmed Tinubu the naira for crude swap deal, which he stated has had positive impact on the Nigerian economy and led to reduction in prices of petroleum products in the country.

Dangote Refinery in a statement said it had partnered with MRS to sell fuel at N935 per litre.

In the statement, Dangote said, “To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday (today).

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “To work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices.

But checks by our correspondent indicated that NNPCL stations sell above 1,000 per litre across the country.

Also while Bovas Filling station reduced its price to N985, other major marketers sell above N1000. A random check in Lagos yesterday indicated that Mobil sells at N1015, TotalEnergies and Conoil sell at N1060, AP 1047, among others.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) said there would be price reduction in days to come, confirming that some filling stations have started adjusting their prices.

In a chat with our correspondent, the National Publicity Secretary of IPMAN, Chinedu Ukadike stated that the price disparity is gradually being closed.

“It is now price competition, no longer product availability. The price disparity is coming closer. The monopoly of the major marketers and the NNPC is no longer there. Independent marketers and also NNPC are selling almost what NNPC is selling. That is the beauty of deregulation and we welcome it.”

Olufemi Soneye, spokesman for the NNPCL, did not respond to our correspondent’s enquiry yesterday on when the NNPC.