Fuel marketers across major and independent filling stations on Thursday failed to reflect the latest reduction in petrol prices announced by Dangote Petroleum Refinery and Petrochemicals keeping pump prices unchanged despite a lower ex-depot cost.

The refinery had on Wednesday announced a reduction in its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N1,165 per litre from N1,215, while diesel was cut to N1,570 per litre from N1,650, with effect from Thursday, August 6.

However, checks by Daily Sun at filling stations showed that most marketers continued to sell petrol at between N1,240 and N1,260 per litre, with none passing on the N50 per litre reduction to consumers.

The development sparked frustration among motorists, who accused marketers of promptly increasing pump prices whenever ex-depot costs rise but delaying or refusing to implement price reductions.

Even MRS, one of Dangote Refinery’s major offtakers and strategic partners, had yet to adjust its pump prices as of Thursday.

A tricycle operator at Ogba Bus Stop in Lagos, Mr Jude Opara, said motorists were not expecting retailers to sell at the refinery’s ex-depot price because dealers were entitled to their margins.

“We know filling stations cannot sell at N1,165 because that is the gantry price. They have to add their margins, but we expected pump prices to drop to around N1,200 per litre. Instead, they have all maintained the old prices,” he said.

A Bolt driver, Mr Shile Giwa, urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) to intervene, accusing marketers of exploiting consumers by refusing to transmit the benefit of lower ex-depot prices.

In announcing the price review, Dangote Petroleum Refinery said the reduction underscored its commitment to making high-quality petroleum products more affordable for Nigerians.

Under the revised pricing structure, petrol was reduced by N50 per litre, while diesel was cut by N80 per litre.

The company said the adjustment reflected its continued efforts to improve energy affordability, expand access to refined petroleum products and support economic activities across the country through improved operational efficiency.

“As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports and supporting national economic development through the supply of world-class petroleum products,” the company said.

It added that it would continue to pass the benefits of improved operational efficiencies to consumers whenever market conditions permit while maintaining a stable supply of petroleum products nationwide.( The Sun)