Prices of premium motor spirit (PMS) otherwise known as petroleum have started dropping across the country following the reduction in ex-depot price by the Dangote Refinery, checks by Daily Trust have shown. However, the prices are yet to drop below N800 as major marketers now dispense between N820 and N890 in Lagos as against N910 and N920 prior to the latest reduction. Only MRS filling stations are dispensing at N739 per litre in Lagos with long queues at some of its stations especially the Alapere station. On Sunday, Chairman of Dangote Petroleum Refinery, Alhaji Aliko Dangote, has disclosed that MRS and other filling stations purchasing Premium Motor Spirit (PMS) from his refinery will begin dispensing fuel at N739 per litre starting Tuesday in Lagos. While this has been implemented across MRS stations, other filling stations still sell above N800. However, our correspondents observed a significant drop in fuel prices across the country. In Lagos, Daily Trust observed that Bovas sells at N820; Heyden N890; Ardova 880; Conoil, 850, among others. It was learnt that private depots initially tried to hold prices near N800 per litre, but slow sales and the threat of stock buildup forced them to align with Dangote’s lower rates. Experts say the price cut is likely to intensify competition and could lead to further reductions during the holiday season if Dangote sustains its supply and pricing approach. However in Abuja our correspondent reports that filling stations still dispense above N900 per litre. In Bayelsa, the pump price dropped to N890 per litre. Price

drops to N850 in Kano.

Daily Trust