Crude oil prices began to decline amid expectations that ongoing diplomatic engagements between the US and Iran could lead to the return of Iranian oil into Asian markets in the coming weeks.
However, investigations by Vanguard in Lagos and its environs yesterday, showed that marketers have not adjusted pump prices, in line with developments in the global oil market.
The checks indicated that several retail outlets, including MRS, sold petrol at N1,333 per litre, while depot prices remained slightly lower.
Depot operators, such as Alkanes, Soroman, and Bovas, sold the product at about N1,270 per litre, while Dangote Petroleum Refinery priced its product at N1,285 per litre.
In Abuja, the situation was not different, with petrol stations maintaining high prices of up to N1,371 per litre, even more than 24 hours after the decline in global crude prices.
Findings showed that outlets such as NIPCO and AYM Shafa sold at N1,371 and N1,370 per litre, respectively, among the highest in the Federal Capital Territory.
NNPC Retail stations maintained prices around N1,361 per litre, while MRS (a Dangote partner station) sold at N1,367 per litre.
This development has raised concerns among consumers who expected a reduction in pump prices, following the drop in crude oil prices.
Over the past three weeks, petrol prices in Abuja have surged by more than 50 per cent, driven largely by successive increases in gantry prices by Dangote Refinery.
