Marketers of petroleum products say filling stations still sell Premium Motor Spirit, otherwise called petrol, above N1,000 per litre because they have yet to sell out the old stock.
According to them, the old stock of PMS was bought at the rate of N970 and many still have the product in their tanks.
The PUNCH reported that on December 19, 2024, the Dangote refinery slashed the ex-depot price of its petrol from N970 to N899.50 per litre.
Similarly, the Dangote refinery announced its partnership with MRS Petrol station to sell petrol from its retail outlets nationwide at N935 per litre.
The President of Dangote Industries Limited, Aliko Dangote, clarified that the reduction in the price of PMS was primarily driven by the complex dynamics of market forces.
This generated what some called a price war in the downstream sector, forcing the Nigerian National Petroleum Company Limited to reduce its ex-depot price to N899 per litre.
