Several filling stations have reduced their petrol pump prices following a recent cut in the ex-depot price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery.

The refinery lowered its gantry price from ₦1,275 per litre to ₦1,250 per litre, prompting marketers to adjust retail prices in some locations.

A survey of fuel stations in Lagos showed that petrol prices in the Igando area ranged between ₦1,272 and ₦1,295 per litre. Some marketers moved quickly to reflect the lower supply cost, while others maintained existing prices.

Among the stations surveyed, Toluwalase Petroleum sold petrol at ₦1,272 per litre, while MRS dispensed the product at ₦1,279 per litre. Ardova Plc sold at ₦1,280 per litre, whereas NNPC Retail maintained a pump price of ₦1,295 per litre.

Outside Lagos, an NNPC Retail outlet in Abeokuta was also selling petrol at ₦1,295 per litre.

The development suggests that the refinery’s latest price adjustment is beginning to influence retail pricing, although significant differences remain among marketers.

Industry stakeholders say pump prices are determined by several factors, including logistics costs, stock positions, operating expenses and individual pricing strategies.

With the new ex-depot price now in effect, market watchers expect more filling stations to review their pump prices in the coming days as the impact of the reduction filters through the downstream sector.