Despite a recent reduction in the ex-depot price of petrol by Dangote Refinery, motorists across Nigeria are still paying over N900 per litre at most filling stations, Daily Trust reports.

Dangote Refinery had lowered its gantry price of Premium Motor Spirit (PMS) by N49, bringing it down to N828 per litre from N877—a 5.6% reduction. The adjustment, which took effect last Friday, marks the company’s second major price review in three months.

Other major suppliers also adjusted their depot prices: AITEO cut by N15 to N850, Bovas by N21 to N848, AYM Shafa by N5 to N880, and Zamson by N3 to N880. The reductions come amid declining crude oil prices, with Brent crude trading at $63.63 and West Texas Intermediate (WTI) at $59.75.

Despite the lower international oil prices, marketers say pump prices have not fallen significantly. Analysts attribute this partly to fears over the federal government’s proposed 15% import duty on petrol and diesel, which industry stakeholders warn could drive prices even higher.

The Major Energies Marketers Association of Nigeria (MEMAN) has criticized the proposed duty, estimating that it could add N122 to the current price of petrol. MEMAN emphasized the need for transparent policies, evidence-based calculations, and safeguards to protect consumers.

On the ground, Lagos motorists are paying between N900 and N925 per litre. For instance, Bovas on Ogunnusi Road sells at N900, while NNPC outlets are at N920, Mobil at N910, and Fatgbems at N915. Dangote-affiliated MRS stations are selling at N910.

In Kano, pump prices remain at N960 per litre, days after Dangote’s reduction. Filling stations including AY Maikifi, Aliko, Matrix Energy, Ajaj, and ID Makole have not adjusted their prices.

In Abuja, NNPC outlets sell petrol at N945, while independent stations charge N955. Some marketers explained that many stations are waiting to sell off older stocks purchased at higher prices before reflecting the recent reductions.

Chinedu Ukadike, Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that pump price adjustments are not immediate and are influenced by both stock rotation and global crude price movements.

He said, “The reduction might come soon, but it depends largely on the international crude market and the turnover of existing fuel stocks.”