Despite the Dangote Petroleum Refinery reducing its ex-depot petrol price from N880 to N840 per litre on June 30, many fuel marketers are hesitant to lower their pump prices, fearing potential losses. Marketers explained that they could only consider price reductions after selling off their existing stock purchased at higher prices, around N900 per litre.
While some depots outside Lagos have adjusted their prices to an average of N845–N860 per litre, filling stations, including those operated by NNPC, have maintained higher retail prices, often between N915 and N935 per litre.
Experts suggest that retail prices should decrease to N890 or less following the depot price cut, but traders are still grappling with old stocks bought at higher costs. The Petroleum Products Retail Outlet Owners Association and PETROAN attribute the delay in passing the price reduction to consumers to stock depletion and potential financial losses from re-stocking at lower prices.
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