See more as MRS, Ardova and others set new pump prices nationwide

• Relief for Nigerians arsenic large downstream marketers person adjusted their petrol pump prices crossed the country
• The latest alteration is acknowledgment to Dangote Petroleum Refinery's announcement of a caller terms chopped for marketers and retail prices
• Despite the terms slash, S&P Global said Dangote Refinery's simplification successful petroleum merchandise prices was insignificant

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends

Leading downstream petroleum marketers crossed Nigeria, including Ardova (AP), MRS, Heyden, Optima Energy, and Tecno Oil, person slashed petrol pump prices pursuing a caller directive from the Dangote Petroleum Refinery.

The refinery reduced its ex-depot terms of Premium Motor Spirit (PMS) to N835 per litre from N865, effectual April 16.

Dangote refinery trigger caller substance prices Photo credit: Bloomberg/contributor
Source: Getty Images

Ex-depot is the terms marketers bargain from Dangote refinery.

In response, retailers affiliated with Dangote’s organisation web person adjusted prices crossed cardinal regions:

• Lagos: N890 per litre, down from N920
• South-West: N900 per litre, down from N930
• North-West and North-Central: N910 per litre, reduced from N940
• South-East, South-South and North-East: N920 per litre, antecedently N950

The revised pump prices are expected to bring alleviation to motorists and transport operators, amid rising surviving costs and accrued request during the Easter period.

Dangote caller substance price

In a statement, Dangote Refinery said the terms adjustments are portion of a broader strategy to stabilise substance prices, guarantee proviso reliability, and easiness inflationary pressures crossed the country.

The company said:

“Dangote Petroleum Refinery has consistently worked to trim the prices of petrol and different refined petroleum products, ensuring the continued payment of Nigerian consumers. "We expect that this latest simplification successful PMS prices volition make a affirmative ripple effect passim assorted sectors of the economy, providing much-needed alleviation to consumers and contributing to broader economical growth, peculiarly during the Easter season.""Furthermore, Dangote Petroleum Refinery calls connected manufacture stakeholders, including marketers and distributors, to proceed sourcing their products from the refinery, ensuring that the benefits of these terms reductions are afloat realised crossed the country."

Petrol terms of Dangote cheaper than NNPC's rate Photo credit: Bloomberg/contributor
Source: Getty Images

S&P Global says Dangote substance remains pricey

S&P Global said successful a study that the Dangote refinery’s simplification successful petroleum products’ prices was not important compared to the planetary autumn successful prices.

It noted that the refinery did not little its gantry prices enough, and the importation of petrol remains precise attractive, Punch reports.

It said:

"Incentives to vessel products to West Africa person besides travel from the pricing astatine Nigeria’s Dangote refinery. While level prices person been driven down massively amid falling crude prices, Dangote has not lowered gantry prices for motortruck volumes significantly."

NNPC petrol present N910 per litre

According to an earlier study by Legit.ng, the Nigerian National Petroleum Company Limited (NNPCL) reduced its petrol pump terms to N910 per litre, a N15 chopped from the erstwhile complaint of N925.

Despite the adjustment, petrol sold by Dangote Refinery and its spouse marketers, including Ardova, remains cheaper.

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Source: Legit.ng