Many petrol marketers across Lagos, Abuja, Ogun and Oyo states have yet to adjust their pump prices despite Dangote Refinery’s recent decision to reduce its ex gantry price by N75 per litre.
The refinery said that the wholesale price of Premium Motor Spirit would be cut from N1,250 to N1,175 per litre, therefore providing consumer relief. But checks at many gas stations revealed that less than 24 hours after the new price went into effect, petrol still costs between N1,280 and N1,380 per litre.
The News Chronicle reports that marketers mostly blame current stock bought at greater prices for the delay. Some operators claim that before showing the lower fuel costs, stations have to first use up their stock from earlier purchases.
Many stores in Abuja kept offering fuel for between N1,370 and N1,380 per litre, but some big companies only somewhat changed. Motorists in Lagos, Ogun, and Oyo states purchased petrol for between N1,275 and N1,290 per litre.
The slow response has upset customers who had hoped for a quick drop in crude oil prices, which had recently pushed them higher, following the Middle East peace process.
Industry sources say a larger price change might take time since marketers are going through stocks they already obtained. The most recent cuts by Dangote Refinery reflected better world market mood brought on by diplomatic attempts at stabilising important foreign oil supply lines.
