Dangote’s Price Cut Fails to Budge Petrol Prices as Marketers Sell at N1,330/Litre

Despite Dangote Petroleum Refinery’s reduction in gantry price to N1,200 per litre, oil marketers in Lagos are selling petrol at N1,330 per litre and above. Motorists had expected the price cut to reflect at petrol stations, but checks show MRS selling at N1,300 per litre and Mobil at N1,330 per litre.

Transporters are also charging exorbitant fares, with commuters paying up to N2,600 from Ikorodu to Mile 12. The refinery’s price cut has attracted patronage from oil marketers, despite import licences issued to six marketers.

Experts say the situation reflects a structural supply deficit, with Nigeria’s daily petrol demand outpacing effective domestic refining capacity. They call for government intervention, targeted support for critical sectors, and policy clarity to reinforce investor confidence

The global oil market is reacting to Middle East tensions, with Nigeria’s Bonny Light crude rising to $110 per barrel. Iran has permitted 10 tankers to pass through the Strait of Hormuz, potentially easing supply concerns.