Petrol prices adjusted as marketers prepare to source product from Dangote Refinery

Leading oil marketers in Nigeria have increased the price of Premium Motor Spirit (PMS), also known as petrol, from N1,010 to N1,050 per litre, representing a 4% rise in Lagos and neighboring areas.

In contrast, independent oil marketers have adjusted their rates to between N1,100 and N1,200 per litre, up from around N1,060, with pricing variations depending on location.

An investigation has shown that in the deregulated market, petrol prices are not uniform, leading to slight differences across filling stations, though some stations maintain similar rates.

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Additionally, sources indicate that many oil marketers are preparing for large-scale product lifting from the Dangote Refinery. Experts suggest this may lead to a minor reduction in the current pump price.