Motorists in Lagos have begun flocking to MRS Oil filling stations as the company started dispensing Premium Motor Spirit (petrol) at ₦739 per litre, following a sharp reduction in the ex-depot (gantry) price by the Dangote Petroleum Refinery.
The price cut, which took effect in parts of Lagos including Alapere, marks a significant drop from previous rates exceeding ₦800–₦970 per litre at many outlets. However, some MRS stations in nearby Ogun State, such as along the Mowe–Ibafo axis of the Lagos-Ibadan Expressway, continued selling at around ₦875 per litre due to higher logistics and distribution costs.
The development stems from Dangote Refinery’s decision to slash its gantry price from ₦828 to ₦699 per litre for bulk buyers lifting at least 10 truckloads. Aliko Dangote, President of the Dangote Group, has vowed to enforce a nationwide pump price ceiling of around ₦740 per litre, accusing some marketers of artificially inflating prices despite lower costs.
“Marketers who can lift at least 10 truckloads will buy PMS at ₦699 per litre,” Dangote stated, adding that high pump prices approaching ₦970 would no longer be tolerated.
The reduced gantry price has triggered a massive surge in activity at the Dangote Refinery’s loading gantry in Lekki, with trucks queuing continuously and independent marketers from across Nigeria rushing to load products.
However, the price war has drawn criticism. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), described it as a “dirty price war” that could undermine the Petroleum Industry Act (PIA) of 2021, which emphasises market-driven pricing. Independent marketers risk losses estimated at ₦80 billion, while petrol importers could face monthly hits of ₦102 billion. Dangote Refinery itself is reportedly absorbing around ₦91 billion monthly to sustain the lower prices.
Analysts say the changes could stabilise fuel prices in the medium term if supply remains consistent, providing relief to consumers during the festive season. Other Dangote partners are expected to follow MRS in adopting the lower rates soon, potentially reshaping Nigeria’s downstream petroleum sector.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
