Shocking! See how Nigerians are reacting as filling stations adjust petrol pump prices

• There is a new fuel price at filling stations as marketers prepare to load petrol products from the refinery
• The federal government of Nigeria has approved direct purchases by independent marketers from Dangote
• The deregulated petroleum market means that market forces will now determine the pump price

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Filling stations have again adjusted upwards the pump price of Premium Motor Spirit, also known as petrol.

The new changes come in the wake of reports that oil marketers are set to load from the Dangote refinery

New petrol prices emerge at filling stations Photo credit: Bloomberg/contributor
Source: Getty Images

Checks by Legit.ng showed that various filling stations in Lagos no longer sell fuel below N1,100 per litre compared to the previous price of N1,050 and N1,060.

Some filling stations sell as high as N1,200, while the black market sells at N1,250.

At a filling station in Ikotun, motorist Chinedu Eze told Legit.ng he paid N1,150 per litre.

He said.

Femi Adeyemi, another frustrated motorist, added:

Vanguard also reported that pump prices at filling stations now range between N1,100 and N1,200 per litre, up from around N1,060, with prices varying by location.

Conoil and TotalEnergies are selling at N1,109 per litre, while others like NIPCO are at N1,115, Ardova Plc at N1,125, and most independent marketers between N1,150 and N1,230.

Marketers express readiness to buy Dangote petrol

A previous report by Legit.ng stated that independent markers are willing to patronise the plant following Dangote's alarm.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked the mega refinery to consider direct petrol sales to them, citing delays and outstanding payments from NNPC.

Marketers speak on Dangote petrol price

In a similar report, the marketers insist that the mega refinery should sell the product at a reduced rate to attract their patronage.

Dailytrust reports that many marketers who spoke anonymously said Dangote’s price is higher than that of imported products, discouraging them from buying it.

According to the report, many marketers landed the product at N970 per litre, while the $20 billion refinery sells for N977, leaving a margin of N77.

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Source: Legit.ng