As more MRS filling stations in Lagos and Ogun states join in dispensing the Premium Motor Spirit (petrol) produced by the Dangote Petroleum Refinery at N739 per litre, motorists have started boycotting retail outlets that sell the product at higher prices.
This has compelled other stations to lower their petrol prices by about N100 per litre, an amount that is far below their cost of purchase, indicating the severity of the price war in the downstream oil sector.
Last week, the Dangote refinery shocked depot owners and marketers when it slashed the gantry price of petrol by N129, from N828 to N699 per litre. During a recent press briefing, the President of the Dangote Group, Aliko Dangote, said he had information that some marketers planned to keep pump prices high despite the reduction in the gantry price.
Consequently, Dangote vowed to enforce the new price regime, with MRS selling petrol at N739 from last Tuesday. “I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high. But this price we are going to introduce, we are going to start with MRS stations, most likely on Tuesday (last week) in Lagos; that N970 per litre, you won’t see it again. We have also asked members of IPMAN to come now. We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699.
We are going to use whatever resources we have to make sure that we crash the price down. For this December and January, we don’t want people to sell petrol for more than N740 nationwide. Those who want to keep the price high to sabotage the government, we will fight as much as we can to make sure that these prices are down. If you have money to come and buy, you can pick up petrol at N699,” he said.