Following the reduction of its ex-depot petrol price to N899.50 per litre from N970, and the subsequent drop in pump prices at some filling stations to N939.50, major oil marketers have called on Dangote Refinery to prioritize supplying petrol via vessels to amplify the price reduction’s impact on the market.

Marketers lifting petrol from the Aliko Dangote-owned refinery have already responded to the ex-depot price cut by reducing retail prices by 11.8%, lowering them from N1,060 per litre to N939.50 per litre.

On Thursday, Dangote Petroleum Refinery announced the ex-depot price reduction as part of efforts to bring relief to Nigerians during the holiday season.

In a statement signed by the Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the company said:
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

A member of the Major Energies Marketers Association of Nigeria (MEMAN) said  further allocation of petrol from Dangote Refinery could help Nigerians feel the full impact of the price reduction.

“Markets will naturally respond to developments like the reduction of ex-depot prices, and increased volumes from Dangote Refinery can drive down retail prices even further,” the MEMAN member said on Friday.

As the holiday season approaches, stakeholders are closely monitoring developments, with many hoping for broader market adjustments to ease the burden on consumers nationwide.