The loading cost of Premium Motor Spirit (PMS) at privately-owned depots fell to ₦925 per litre on Monday, marking a ₦27 decrease from the ₦952 price set by the highest-selling depot last Friday.
According to marketers, this reduction was driven by Dangote Petroleum Refinery’s decision to lower its ex-depot price of PMS from ₦950 to ₦890 per litre, effective Saturday.
However, this change came at a significant loss for many petroleum marketers who had purchased products at higher prices. Some marketers who bought the product a few hours before the announcement would be forced to sell below the cost, incurring debts running into millions of naira.
Concurrently, data from loading depots indicate a price drop across all depots however, not yet reflected in pump price.
