Dangote Petroleum Refinery has hiked the price of petrol sold to marketers from its Lagos refinery to N799 per litre from N699 per litre. The implication, according to the company, is that petrol will now be sold at N839 per litre at the MRS filling stations under a pre-arranged agreement.
The announcement was made in a statement issued late on Monday by the company, which last December announced a reduction in the price of petrol, as a respite for Nigerians during the yuletide celebrations. It has effected price reduction for two consecutive seasons, in 2025 and 2024.
Dangote said now that the festive period is over there’s a need to sell the product in line with the current realities in the market as well as to ensure market stability and affordability.
The company however stated that despite the reduction of price from its refinery many marketers failed to reflect the reduction at their filling stations thus robbing Nigerians of the benefits, adding that as a home-grown company it will work against volatility associated with importation to ensure stability in the sector.
“With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability. Under the current alignment, the PMS gantry price is N799 per litre, while MRS retail outlets are selling at N839 per litre,” the company said.
Adding, “Despite the price reduction, many filling stations failed to reflect the new price at the pump, thereby denying Nigerians the benefits of the reduction.
“With the festive period concluded, PMS prices have been modestly realigned to sustainable levels to support long-term market stability and affordability. Under the current alignment, the PMS gantry price is N799 per litre, while MRS retail outlets are selling at N839 per litre.”
The price adjustment however comes barely two hours after the federal government said Nigerians would continue to further reduction in the price of petrol due to rising supply, increased competition and sustained private sector investments in the oil and gas sector.
The assurance was given on Sunday by the Authority’s Chief Executiv of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Saidu Mohammed, during an inspection of Aradel Holdings Plc facilities located in Ogbele community, Ahoada East Local Government Area of Rivers state.
Mohammed said Nigerians are gradually moving towards the era of affordable energy as improved supply continues to drive price stability, adding that the plan of the federal government is for Nigeria to be able to meet local demands of petroluem products as well as become a net exporter.
He said: “The more supply we have, the lower the price, and this is already evident as petrol has dropped from about N1,000 to N800 per litre due to competition.
“Sustained competition, rather than subsidies, will guaranty adequate supply of petrol and gas at affordable prices for Nigerians.
He stressed the need for additional refineries with advanced conversion capacity to produce diesel, fuel oil, naphtha, LPG and petrol.
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