Motorists in Lagos have surged to MRS Oil filling stations following the retailer’s rollout of Premium Motor Spirit (petrol) at ₦739 per litre, triggered by a notable reduction in ex-depot prices set by the Dangote Petroleum Refinery.
The adjustment, which is already in effect across parts of Lagos including Alapere, represents a significant decline from previous rates that often ranged between ₦800 and ₦970 per litre. In contrast, some outlets in neighbouring Ogun State, particularly along the Mowe–Ibafo stretch of the Lagos-Ibadan Expressway, are still retailing at about ₦875 per litre due to added distribution costs.
Dangote Refinery recently slashed its gantry price for bulk purchasers from ₦828 to ₦699 per litre, applicable for buyers lifting a minimum of 10 truckloads. Aliko Dangote, President of the Dangote Group, emphasised his commitment to a national pump price ceiling of roughly ₦740, citing that certain marketers had been inflating costs unnecessarily.
“Marketers able to lift at least 10 truckloads will pay ₦699 per litre,” Dangote explained, warning against continued high pump prices approaching ₦970.
The price reduction has sparked a surge of activity at Dangote Refinery’s Lekki gantry, with trucks lining up and independent marketers from across Nigeria racing to secure supplies.
However, the move has attracted criticism. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), labelled it a “dirty price war” that could conflict with the Petroleum Industry Act (PIA) of 2021, which prioritises market-driven pricing. Analysts estimate potential losses of ₦80 billion for independent marketers and ₦102 billion for petrol importers monthly, while the Dangote Refinery reportedly absorbs around ₦91 billion per month to sustain the discount.
Experts suggest the price cuts could help stabilise fuel costs in the medium term if supply remains consistent, offering relief to consumers over the festive period. Observers also anticipate that other Dangote-affiliated marketers will soon align with MRS, potentially reshaping Nigeria’s downstream petroleum market.
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