By On Tuesday, March 10, news broke that the Dangote Refinery had initiated a downward adjustment of the gantry price of petrol (Premium Motor Spirit) from ₦1,175 to ₦1,075 per litre, while coastal supply was fixed at ₦1,050 per litre. The price of diesel (Automotive Gas Oil) was also reduced to ₦1,430 per litre from ₦1,620 at the gantry.
The gantry price had earlier been raised by the Dangote Petroleum Refinery to ₦1,175 per litre on Monday from ₦955 on Friday.
On Wednesday, March 11, AfrikTimes carried out another survey to estimate the range of fuel prices across some streets in Ibadan. From the observation, AfrikTimes noted that while some filling stations are still selling at around ₦1,240, others have adjusted to the new price and are now selling within the range of ₦1,125 to ₦1,150 per litre.
AfrikTimes had earlier carried out a similar survey on Saturday, March 7, where it was noted that the highest selling price was ₦1,080 at Bovas. At that time, the gantry price was still ₦995.
New Realities
Along Mokola Road, SAO is selling petrol at ₦1,125 per litre; Gastab Global is selling at the same rate; NNPC is selling slightly higher at ₦1,131; Sulmit at Mokola Roundabout is selling at ₦1,140; TotalEnergies sells at ₦1,145; while MRS indicates a pump price of ₦1,138, although there appears to be no activity at the station. However, Poplat Oil, a station along the same axis, still sells at ₦1,240.
Moving north from the roundabout, Ardoval PLC (AP) is selling at ₦1,150, a reduction from ₦1,240. Bovas filling stations around the axis and at Ajibode Junction, a more distant location, are selling at ₦1,125.
Along the UI Road down to UI Second Gate, Keto International NIG LTD still holds its price at ₦1,240 per litre; Fortress appears higher at ₦1,250, while Mobil Oil is selling at about ₦1,130 per litre.
Confirming the accounts of buyers who said they bought above ₦1200 yesterday, Desmond, a petrol attendant at AP, told AfrikTimes that the station had earlier sold petrol at ₦1,245 the previous day, signalling a ₦95 decrease.
“We sold at ₦1,245 yesterday, but we’ve been given a directive to bring it down. We’re selling at ₦1,150 now,” he said.
Similarly, a petrol attendant at Gastab told AfrikTimes that the station had also sold petrol at ₦1,240 on Tuesday.
AfrikTimes also observed that diesel is selling at ₦1,500 per litre at Bovas.
The fluctuations in fuel prices come amid rising tensions in the Middle East linked to the ongoing war involving Iran, Israel, and the United States of America.
