KEY POINTS
- Dangote Refinery cuts petrol gantry price by ₦35 to ₦1,215 per litre.
- IPMAN says marketers are expected to reduce pump prices after receiving new supplies.
- Abuja petrol prices currently range from ₦1,370 to ₦1,429 per litre.
Dangote Refinery has reduced its petrol gantry price by ₦35 per litre, from ₦1,250 to ₦1,215, raising expectations of lower fuel prices at filling stations across Nigeria.
The adjustment could offer relief to motorists grappling with high fuel costs and rising transportation expenses, although the timing and extent of the reduction will depend on how quickly fuel marketers receive supplies at the new rate.
An NNPCL station manager in Abuja said petrol prices were expected to decline within the week following the refinery’s latest adjustment.
The manager said the station anticipated lowering its pump price in response to the reduced gantry rate.
Abubakar Maigandi, president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), also said members were expected to cut their prices once they began receiving petrol supplied at the new rate.
“Our members would cut fuel prices as soon as we receive Dangote Refinery’s petrol from this week,” Maigandi said.
Reports also indicated that managers at Nigerian National Petroleum Company Limited and MRS filling stations expected pump prices to fall in the coming days.
Abuja petrol prices remain elevated
Petrol currently sells for between ₦1,370 and ₦1,429 per litre across Abuja and surrounding communities, according to the report.
Prices vary between locations and filling stations, reflecting differences in supply costs and retail pricing.
The refinery’s ₦35 reduction could create room for marketers to lower their prices, but the actual savings for motorists will depend on when stations receive new supplies and how much of the wholesale cut they pass on to consumers.
Crude oil prices may influence the market
The anticipated pump price reduction comes amid a decline in global crude oil prices, which could also affect domestic petrol pricing.
Lower fuel prices could ease transportation costs and provide some relief to households and businesses that rely on road transport and petrol-powered equipment.
However, the reduction at the refinery’s gantry does not automatically guarantee an immediate nationwide price cut. Marketers must first receive supplies at the revised rate before adjusting prices at their outlets.
