Petrol pump prices defy low depot rates, stay above N1,300

Despite a significant drop in depot prices, petrol pump prices across Nigeria remain elevated, raising questions about profiteering between wholesale and retail levels. The latest depot price report for Tuesday shows Premium Motor Spirit (PMS) selling between N1,266 and N1,280 per litre at major Lagos depots, while retail prices at filling stations remain as high as N1,325 per litre in Lagos and Abuja. This discrepancy suggests that the reduction in depot prices has not been fully passed on to consumers.

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