Petrol Prices Set to Drop as Dangote Refinery Cuts Gantry Price to N1,215

Petrol prices at filling stations across Nigeria are expected to decline in the coming days following a reduction in the gantry price of petrol by Dangote Refinery to N1,215 per litre.

It is reported that the refinery has lowered its petrol price, a move expected to influence pricing across the downstream petroleum sector because of its significant contribution to Nigeria’s domestic fuel supply.

Managers at outlets operated by MRS and the Nigerian National Petroleum Company Limited (NNPCL) have indicated that they expect to reduce their pump prices following the adjustment.

An NNPCL outlet manager in Abuja, who spoke anonymously to DAILY POST, said the station expected to review its prices during the week.

“Our fuel price is expected to drop from this week following Dangote Refinery’s petrol price cut,” the manager said.

A manager at an MRS filling station also confirmed that a reduction was possible in the coming days.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said marketers would begin adjusting their prices once they received petrol supplied by Dangote Refinery.

“Our members would cut fuel prices as soon as we receive Dangote Refinery’s petrol from this week,” Maigandi told DAILY POST.

The expected reduction comes amid a decline in international crude oil prices. The report puts West Texas Intermediate (WTI) at $99 per barrel and Brent crude at $104 per barrel, following reported falls of three and four per cent, respectively.

Petrol currently sells for between N1,370 and N1,429 per litre at filling stations in Abuja and surrounding areas, according to the report. The extent of any pump-price reduction will depend on the prices at which marketers obtain their supplies and their subsequent retail adjustments.