Hopes of a swift drop in the retail price of petrol were dashed yesterday as Dangote’s key fuel retail partners- MRS, AP, Heyden and three others, failed to implement a renewed deal of N890 per litre petrol price.
Dangote Petroleum Refinery had on Wednesday announced a fresh pact with its key partners: MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil to offer petrol at N890 per litre, down from N920 per litre in Lagos.
However, a market survey by Daily Sun across the partner filling stations revealed that they were still selling at the old retail price of N920 per litre and above.
At the MRS filling station in Agege and Ikeja, the pump price remained at N920 per litre, as against the N890 per litre communicated by Dangote refinery.
Also, the AP (Ardova) filling stations at Oba Akran and New Oko-Oba as of yesterday afternoon were dispensing a litre of petrol at N920 per litre, which is N30 per litre higher than the recommended N890 per litre retail price from Dangote refinery.
Some of the motorists, especially commercial transport operators, who spoke to Daily Sun in separate interviews, expressed frustration at the development, saying for those in commercial operations, a N30 per litre price drop means a lot to their bottom line.
A keke operator who identified himself as John Akabogu said it has always been the trend of filling stations to delay price changes whenever there is a drop, saying if the situation were a price hike, the change would be immediate.
He, however, called on the appropriate regulatory authorities to take steps to protect consumers and not allow filling stations to continue to rip off consumers.
Also speaking, another disappointed motorist, Akanni Adebisi, said he got to the filling station to discover that the new price regime had not been initiated.
He said all efforts to get an explanation from the filling station attendant proved abortive as he was not provided any reason for the non-implementation of the new price regime.
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.
Dangote refinery, in announcing the price drop, said 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.
In the South-East, South-South, and North-East, the price will be N920 per litre, down from N950.
According to Dangote, these price reductions reaffirm its commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.
“In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.”
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.
“Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export.
This strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.
Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realized across the country.”
Dangote, in its bid to ensure it gets a grip on the market, last month, sealed a pact with three fuel retail outlets—MRS, Heyden, and AP—to sell petrol at its various filling stations in Lagos, other South-West states, the North, the South-South, and the South-East at prices ranging between N860 and N895 per litre.
The agreement aims to offer Nigerians more affordable fuel by reducing the price of Premium Motor Spirit (PMS) at the pumps, potentially providing relief for consumers who have been facing high fuel costs.
This deal is expected to have a significant impact on the Nigerian oil and gas market, particularly in terms of price stability and fuel scarcity. (Vanguard)
