Despite a recent reduction in fuel prices by the Dangote Petroleum Refinery, petrol marketers in Lagos, Ogun, and several other states have continued selling at previous rates, leaving motorists without the anticipated relief.
A survey conducted on Wednesday revealed that petrol was still being sold at an average of N865 per litre across filling stations in Lagos and Ogun. This is despite the refinery’s announcement last week indicating a price reduction.
Downstream partners affiliated with the Dangote Group—including MRS, Heyden, and Ardova—have yet to fully implement the new pricing structure. Among them, Heyden offered the lowest price at N863 per litre, while others maintained prices ranging between N865 and N870 per litre.
The Dangote refinery had announced a planned reduction in petrol prices starting Monday, September 15, following the deployment of over 1,000 compressed natural gas (CNG)-powered trucks for nationwide fuel distribution. The move was expected to reduce the ex-depot price to N820 per litre, which in turn was anticipated to lower retail prices.
Under the updated pricing framework, petrol was expected to sell at N841 per litre in Lagos and the southwest, and N851 per litre in regions such as Abuja, Rivers, Delta, Edo, and Kwara states. The implementation was to begin immediately in these areas, with broader coverage expected as more CNG trucks became operational.
However, these price changes have not yet reached consumers, as most filling stations have continued operating under the old pricing structure.
Some fuel marketers explained that the delay in adjusting prices was due to existing inventory acquired at higher rates. They said price reductions would only occur once their current stock is depleted and replaced by lower-priced supplies.
Market observers say the situation has led to a temporary standoff, as other fuel distributors, including the Nigerian National Petroleum Company Limited (NNPC), are reportedly waiting for Dangote’s major partners to make the first move before adjusting their own prices.
Since commencing petrol production, the Dangote refinery has increasingly influenced pricing in the downstream sector, replacing the NNPC’s previous role as the primary price setter.
When contacted, Andy Odeh, NNPC spokesperson, confirmed that the company had not changed its pricing. “Our current pump price in Lagos remains N865. We have not made any changes,” he stated.
Meanwhile, Dangote’s pricing strategy has drawn criticism from some industry players. The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) recently expressed concern over the timing of the refinery’s price cuts, describing them as disruptive to the market.
DAPPMAN’s Executive Secretary, Olufemi Adewole, argued that while Dangote’s price cuts are often framed as patriotic gestures, they can destabilise the market when poorly timed. He noted that these cuts frequently coincide with periods when other fuel importers have cargoes in transit or stored, causing financial strain and market imbalances.
As of Tuesday, data from Petroleumprice.com listed Dangote’s ex-depot rate at N824 per litre, the lowest among competitors. Other players listed higher prices: Integrated Oil at N836, Aiteo at N835, Pinnacle, RainOil, and First Royal at N840, and Soroman at N849. Emadeb recorded the highest price at N873 per litre.
This price disparity has prompted discussions around market harmonisation. Stakeholders are questioning whether fuel prices will eventually align or continue to vary depending on individual marketers’ pricing policies.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated a willingness to reduce pump prices once they begin receiving supplies under Dangote’s new delivery model.
IPMAN National President, Abubakar Shettima, confirmed that CNG-powered trucks have started delivering fuel to independent marketers in Lagos, Ogun, and Ondo. He added that price reductions are already being observed and will spread as deliveries reach more locations.
According to Shettima, “Wherever Dangote discharges, all the independent marketers will follow with a change in price. Already, MRS stations have started reducing, and independent marketers are doing the same.”
Despite pushback from some quarters, Dangote Group President, Aliko Dangote, reiterated his commitment to lowering fuel costs for Nigerians. The introduction of CNG-powered trucks is part of a broader strategy aimed at improving distribution efficiency and stabilising fuel prices.
However, the delay in reflecting the price cuts at the pump remains a concern for many consumers. As fuel prices remain above the newly announced rates, attention is now turning to marketers and regulators to ensure compliance and deliver expected benefits to the public.