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Similarly, Emeka Okafor, who runs a consulting firm in Lagos, voiced his frustration over the ineffective price cut.“Dangote announces a price cut, but the prices at the pumps remain unchanged.
When questioned about the disparity in prices, Abubakar Maigandi, the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained that the delay in reflecting the new prices was due to dealers having old stock purchased at N1,225/litre.
Despite Dangote Petroleum Refinery’s further announcement ofreduced prices for dieseland aviation fuel to N940/litre and N980/litre respectively, filling stations across various parts of Nigeria are selling diesel at rates ranging from N1,350/litre to N1,450/litre.
The reduction, which set the price at N940 per litre for bulk purchases of five million litres and above, has yet to be reflected at retail outlets, causing frustration among consumers and businesses alike..
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