Lagos motorists are thronging MRS Oil filling stations following a major price reduction in Premium Motor Spirit (PMS), with the fuel now dispensing at ₦739 per litre in parts of the city, including Alapere. This marks a sharp decline from recent pump prices that often exceeded ₦800–₦970 at various outlets.
The change follows Dangote Petroleum Refinery's decision to cut its ex-depot (gantry) price from ₦828 to ₦699 per litre for bulk buyers lifting a minimum of 10 truckloads. However, some MRS stations in neighbouring Ogun State, particularly along the Mowe–Ibafo section of the Lagos-Ibadan Expressway, continue to sell at around ₦875 per litre, citing elevated transportation and logistics expenses.
Aliko Dangote, President of the Dangote Group, has pledged to cap pump prices nationwide at approximately ₦740 per litre, accusing certain marketers of artificially inflating rates despite reduced costs. "Marketers lifting at least 10 truckloads can purchase PMS at ₦699 per litre," he said, vowing that exorbitant prices nearing ₦970 "will no longer be tolerated."
The lower gantry price has sparked intense activity at the refinery's Lekki loading bay, with long queues of trucks and independent marketers from across Nigeria eager to load fuel.
The initiative has faced backlash, however. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), labelled it a "dirty price war" that risks violating the market-driven principles of the Petroleum Industry Act (PIA) 2021.
He warned of potential losses for independent marketers, estimated at ₦80 billion and monthly hits of ₦102 billion for importers, while the refinery reportedly absorbs around ₦91 billion monthly to maintain the reductions.
Analysts suggest that consistent supply could lead to medium-term price stability, offering much-needed relief to consumers amid the festive season. Other partners of Dangote Refinery are anticipated to adopt the lower rates soon, potentially transforming Nigeria's downstream oil sector.
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