Petroleum marketers in Nigeria have announced plans to unveil a new pricing template for Premium Motor Spirit (PMS) starting Wednesday, following a downward revision of the ex-depot price by Dangote Refinery.
This development was disclosed by Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), during an exclusive interview with DAILY POST on Tuesday. According to Maigandi, Dangote Refinery has agreed to sell petrol to IPMAN members at an ex-depot price of ₦842 per litre, slightly above the newly set benchmark of ₦840 per litre.
“This is a welcome development. Dangote Refinery has reduced its ex-depot price to ₦840, and we, as independent marketers, have negotiated an ex-depot rate of ₦842 per litre. The agreement was reached after our emergency meeting held in Abuja today,” Maigandi stated.
However, he clarified that the final pump price of petrol will vary depending on individual marketers and their respective locations, as factors such as transportation costs and operational overheads influence pricing structures.
“Our members will start adjusting their pump prices from Wednesday, but the prices will not be uniform nationwide due to differences in logistics and distribution expenses,” Maigandi explained.
Filling Stations Yet to Reflect New Price
Despite the ex-depot price reduction, many filling stations in Abuja have yet to adjust their pump prices as of Tuesday evening. A survey by DAILY POST revealed that most outlets — including MRS, the Nigerian National Petroleum Company Limited (NNPC), Emadeb, and Total were still selling PMS at ₦945 per litre.
Only Ranoil and Empire Energy had made slight adjustments in their pricing, reflecting the potential impact of the new ex-depot rate.
A station manager at one of the MRS outlets in Abuja, who requested anonymity, stated that they had not received any updated pricing template following Dangote’s latest announcement.
“We’re still awaiting official communication on the new pricing structure. Until then, our current pump price remains unchanged,” the manager said.
Background: Dangote Refinery Responds to Falling Crude Oil Prices
The downward revision of the ex-depot rate by Dangote Refinery — from ₦880 to ₦840 per litre — comes amid a decline in global crude oil prices. The move is seen as a response to market conditions and an attempt to provide some relief to Nigerian consumers grappling with high fuel costs.
Industry observers believe that the price adjustment by Dangote Refinery could prompt a gradual reduction in pump prices across the country, especially if other major suppliers follow suit.
However, with retail prices influenced by a host of market factors including transportation, regional supply chains, and local taxes consumers may still see variations in pricing across different states and cities.
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