Despite the recent reduction in the gantry price of Dangote Petroleum Refinery petrol from N1,275 to N1,200 per litre, oil marketers in Lagos continue to sell Premium Motor Spirit (PMS) at N1,330 per litre and above. Checks revealed that MRS retailed petrol at N1,300, while Mobil charged N1,330, leaving motorists frustrated as they expected the price cut to reflect at filling stations.
The surge in petrol prices has also affected transportation costs, with commuters paying as much as N2,600 from Ikorodu to Mile 12, compared to about N1,500 before the increase. This has compounded the financial burden on residents across Lagos and its environs.
Experts have weighed in on the situation. Colman Obasi, National President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), noted that Dangote Refinery has the capacity to meet domestic demand and even export petroleum products, urging support for local refineries to conserve foreign exchange. Similarly, Olatide Jeremiah, CEO of Petroleumprice.ng, said the refineryβs price reduction positions it as a domestic market leader.
Global oil market dynamics are also influencing local prices. Nigeriaβs Bonny Light crude rose to around $110 per barrel amid Middle East tensions, even as Iran allowed passage of 10 tankers through the Strait of Hormuz. Petroleum economist Wumi Iledare explained that rising crude prices, combined with exchange rate fluctuations, are driving higher transport costs and inflation for households and businesses.
Meanwhile, Lagos Chamber of Commerce and Industry (LCCI) Director-General Chinyere Almona highlighted structural supply deficits in domestic refining, urging targeted government support for critical sectors and improved foreign exchange management. In a related note, Pope Leo XIV condemned ongoing Middle East conflicts, calling for dialogue and ceasefire, emphasizing the humanitarian toll on regional Christians.
