Retail petrol prices at filling stations in parts of Lagos and Ogun states are yet to fully reflect Dangote Petroleum Refinery's latest reduction in the ex-gantry price of Premium Motor Spirit (PMS), despite the refinery lowering its benchmark by ₦50 per litre.
A market survey conducted by Petroleumprice.ng on Friday showed that pump prices along the LASU–Igando Road corridor in Lagos ranged between ₦1,125 and ₦1,195 per litre, indicating that most retailers have yet to adjust prices in line with the refinery's new ex-gantry rate of ₦1,075 per litre.
Among the stations surveyed, First Blecfiv offered the lowest pump price at ₦1,125 per litre, followed by Euniceato at ₦1,134, SFR at ₦1,139, MRS at ₦1,165, while AP sold at ₦1,195 per litre.
In Abeokuta, NNPC Retail dispensed petrol at ₦1,170 per litre, while Fatgbems sold at ₦1,175 per litre, suggesting that retail prices outside Lagos also remain above levels implied by the refinery's latest pricing adjustment.
The pump prices come days after Dangote Petroleum Refinery reduced its PMS ex-gantry price from ₦1,125 to ₦1,075 per litre, while aligning its coastal loading price at the same level. The refinery also discontinued its consortium marketing arrangement, opening product loading to all qualified marketers in a move expected to broaden access and intensify competition across the downstream market.
The latest refinery adjustment followed declining global crude oil prices and renewed expectations that domestic fuel prices would increasingly align with prevailing market fundamentals under Nigeria's deregulated downstream regime.
While the revised ex-gantry price is expected to lower replacement costs for marketers, the latest survey indicates that many retail outlets are still dispensing petrol at prices established before the refinery's adjustment. Industry observers note that broader retail price movements are likely to depend on the pace at which marketers exhaust existing inventories and replenish stocks at the new ex-depot rate.
Petroleumprice.ng understands that further pump price adjustments could emerge across the country in the coming days as the refinery's latest reduction gradually filters through the downstream supply chain.