Some MRS filling stations in Lagos on Tuesday began selling petrol at N739 per litre, causing long queues as motorists rushed to buy fuel. Many buyers avoided outlets selling petrol above N800 per litre.
The price cut follows the reduction of the petrol gantry price by Dangote Refinery from N828 to N699 per litre. Dangote had said MRS stations would be the first to reflect the new pump price, with other partner outlets expected to follow.
“We are going to start with MRS stations, most likely on Tuesday in Lagos. That N970 per litre, you won’t see it again,” Dangote said. “For this December and January, we don’t want people to sell petrol for more than N740 nationwide.”
Some MRS stations in Ogun State, along the Mowe–Ibafo axis, still sold petrol at about N875 per litre, while many other filling stations in Lagos sold fuel between N850 and N890 per litre.
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Reacting, the President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said announcing pump prices by individuals or companies violates the Petroleum Industry Act, 2021, which mandates that petrol prices should be determined by market forces.
Independent marketers also warned that continued price cuts could cause significant losses for importers and retailers, highlighting the growing competition in Nigeria’s downstream oil market.