Despite hopes that the Dangote Refinery would bring long-awaited relief to Nigerian motorists, fuel prices across major cities remain stubbornly high.

While the refinery currently sells Premium Motor Spirit (PMS) at ₦846 per litre, the anticipated drop in pump prices has failed to materialise, and the reason, analysts say, lies in how marketers are gaming the system.

The 650,000-barrel-per-day Dangote Refinery was expected to revolutionise Nigeria’s downstream sector by stabilising supply and reducing dependence on volatile imports.

However, some marketers who lift products directly from the refinery are reportedly exploiting the price gap for personal gain. In practice, many purchase petrol with a proforma invoice at around ₦820 per litre but resell to independent stations and private depots at ₦846 or higher.

That ₦26–₦30 margin per litre, when multiplied across millions of litres traded daily, represents massive profits. One downstream expert told The Economic Digest: “If a marketer buys two million litres and adds ₦30 per litre, that’s ₦6 million profit in one cycle — and many can turn that around within 24 hours. It’s a massive cash-out.”

Depot prices reflect growing market distortion

Price checks on Friday revealed a widening disparity between Lagos and other regions.

Lagos depots:

MENJ – ₦842

EMADEB – ₦845

AIPEC – ₦845

INTEGRATED – ₦845

AITEO – ₦844

Warri depots:

Matrix – ₦860

AYM Shafa – ₦860

Calabar depots:

Evergreen – ₦860

Matrix – ₦860

Port Harcourt depots:

Bulk Strategic – ₦860

Liquid Bulk – ₦860