Several petrol depots in Lagos and surrounding states began selling fuel at lower rates following a reduction in gantry prices by Dangote Petroleum refinery.

Over the weekend, Dangote announced that its ex-depot price will be reduced from N828 to N699 per litre.

This has triggered changes in private depots prices will many now selling below N800 per litre to marketers to keep pace with Dangote refinery.

Petroluemprice.ng reports thatt new depot prices across the country varied widely, ranging from N702.50 at Dangote Refinery in Lagos to N820.00 at Matrix in Port Harcourt.

The reduction in ex-depot prices has started to reflect at retail pumps.

MRS stations in Lagos were observed selling petrol at N739 per litre while Ardova has reduce its rate from N890 to N840 at some of its location.

Dangote new petrol price

Aliko Dangote, President of the Dangote Group recently pledged to enforce a nationwide pump price of N739 per litre for marketers buying from its refinery.

Speaking to the press over the weekend, Dangote accused marketers for retaining high retail prices despite the lower gantry rates, saying the practice undermined efforts to ease the cost of fuel for consumers.

Dangote said on Sunday:

“I was told marketers have been instructed to maintain high prices, but the price we are introducing at MRS stations in Lagos from Tuesday is N739 per litre. N970 per litre, you won’t see it again.

“For December and January, we don’t want people selling petrol above N740 nationwide. Those who want to keep the price high to sabotage the government, we will fight as much as we can to make sure these prices are down.”

MRS-led adjustment marks the first visible implementation of Dangote’s new pump price initiative and could provide temporary relief for consumers, though nationwide compliance remains uncertain, especially ahead of the festive season when fuel demand typically surges.

While MRS has implemented the lower rate, other filling stations in Lagos and Ogun continued selling petrol between N850 and N890 per litre, reflecting resistance from some marketers.

Snapshot of cheapest ex-depot petrol prices

Dangote: N702.50

MAO: N706.00

Intergrated: N707.00

Bovas: N708.00

Menj: N710.00

A.A Rano: N710.00

NIPCO Lagos: N745.00

AITEO: N780.00

Mainland: N790.00

Soroman: N795.00

Sigmund: N796.00