Price competition among fuel marketers has intensified as SGR Filling Station in the Mowe axis of the Lagos-Ibadan Expressway reduced its petrol price to N805 per litre.

SGR cut its pump price from N812 on Monday, retaining its position as the cheapest retailer in the axis. It was gathered that SGR slashed its price after a NIPCO outlet near Lotto reduced its rate from N828 to N812 per litre.

As of Friday, several stations were seen adjusting their prices to match those of competitors. Earlier, petrol retailers along the Lagos-Ibadan Expressway were stepping up competition, trimming pump prices in a bid to retain customers.

Along Ibafo, Alade Filling Station still dispensed petrol at N820 per litre, while Habeeb Filling Station maintained its price at N819 per litre. SAO stations in Mowe and Lotto sold PMS at N825 per litre, while Akiavic AP and other outlets across the axis adjusted their prices to remain competitive.

The Dangote-partnered MRS filling station at Olowotedo was forced to reduce its pump price to N825 per litre from N839 as motorists flocked to outlets offering lower rates. However, the MRS outlet near the Redeemed Christian Church of God camp continued to sell petrol at N839 per litre, even as a neighbouring AP station reduced its price to N834 per litre.

Similarly, Nigerian National Petroleum Company Limited outlets in Lagos and Ogun dispensed petrol at rates ranging from N837 to N840 per litre, depending on location and the level of competition in the area.

On Tuesday, the Dangote refinery reduced its petrol gantry price by N25 per litre, from N799 to N774 per litre. The refinery communicated the adjustment to marketers, stating that the new rate took immediate effect.

In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE said, “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”

However, despite the reduction in gantry price, MRS and other partners have yet to reflect the cut in their pump prices. Many MRS stations continued to sell petrol at N839 per litre, retaining the same margin as when the ex-depot price was N799. It will be recalled that pump prices were adjusted immediately when ex-depot rates increased.

In a comparison, Dangote said the latest price adjustment further strengthened the competitiveness of locally refined products, noting that “the current landing price of imported PMS from Lome stands at about N793 per litre, compared to Dangote Refinery’s ex-depot price of N774 per litre.”

However, the Major Energies Marketers Association of Nigeria put the landing cost of imported petrol at an average of N722.08 per litre, about N52 lower than Dangote’s ex-depot price.

Meanwhile, Dangote Refinery said it had attained its full nameplate capacity of 650,000 barrels per day following the restoration and optimisation of its crude distillation unit and motor spirit production block, marking what it described as a global first for a single-train refinery of its scale.

In a statement on Wednesday, the firm said the milestone signalled a critical phase in the ramp-up of Africa’s largest oil refining facility, adding that it had commenced a 72-hour intensive performance test run in collaboration with its licensor, UOP, to validate operational stability, efficiency, and compliance with global standards.

The refinery stated that the feat followed a scheduled maintenance exercise on the Crude Distillation Unit and MS Block, after which both units were fully stabilised and optimised for steady-state operations.

The Managing Director/Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the seamless integration of the units underscored the refinery’s engineering depth and operational resilience. (Saturday PUNCH)

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