Fuel prices across Nigeria have begun to fall, barely five days after the Dangote Refinery announced a reduction in its petrol gantry price, triggering adjustments at several retail outlets nationwide.
A survey conducted on Wednesday in Abuja revealed that major filling stations, including MRS, AA Rano, and Bovas, have slashed their pump prices for Premium Motor Spirit (PMS). MRS now sells petrol at N739 per litre, down from N910, while AA Rano adjusted its price to N840 per litre. Bovas also reduced its pump price to N865 per litre from the previous N910.
The reductions translate to price cuts ranging between N45 and N171 per litre, offering some relief to motorists amid lingering fuel cost pressures.
However, not all retailers have followed suit. Stations operated by Ranoil, Empire Energy, and several others across the country were observed to be selling petrol at unchanged prices of between N910 and N912 per litre as of Wednesday. Meanwhile, Nigerian National Petroleum Company Limited (NNPCL) retail outlets, including those along the Kubwa Expressway in Abuja, were out of fuel at the time of filing this report.
Further checks showed that ex-depot prices currently stand at N703 per litre for Dangote Refinery and Pinnacle, while Bovas depot price was slightly higher at N708 per litre.
The latest price adjustments follow comments by President of Dangote Refinery, Aliko Dangote, who recently stated that fuel prices in Nigeria should not exceed N740 per litre. His remarks have since intensified competition within the downstream oil sector, sparking what industry observers describe as a price war.
Recall that Dangote Refinery last week slashed its petrol gantry price from N828 per litre to N699, setting the stage for the current round of retail price reductions.