Several fuel retailers in Lagos and Ogun States are now selling petrol below ₦900 per litre after Dangote Petroleum Refinery slashed its ex-depot price from ₦880 to ₦840 per litre on June 30, confirmed by Dangote’s spokesman, Anthony Chiejina. MRS Oil reportedly dropped its retail price to ₦885 in Lagos from ₦925, with other stations in the Southwest pricing between ₦875 and ₦895.
Depots have also adjusted their gantry prices, some even undercutting Dangote. RainOil, Pinnacle, Matrix, Emadeb, Swift, and Wosbab are reportedly selling at ₦840 per litre, while First Royal, Menj, and Aipec have lowered theirs to around ₦838. Petroleum analysts predict pump prices should hover around ₦890 considering the new gantry costs and harder-to-sell old stock.
Oil marketers including the Petroleum Products Retail Outlet Owners Association’s boss, Billy Gillis-Harry warned last week that many kept prices high to clear older, more expensive fuel. He said retailers must exhaust current stocks bought at previous higher rates before realigning prices. But with newer supplies priced lower, consumers in parts of the Southwest are now enjoying petrol below ₦900 per litre marking a welcome relief.
