Marketers hint at nationwide fuel price cut
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January, Dangote Refinery raised its gantry price from ₦699 to ₦799 per litre, leading to higher fuel prices nationwide. In December last year, Aliko Dangote had promised that fuel prices would drop to ₦739 per litre, but this did not happen in most parts of the country.
Fuel prices across Nigeria may soon go down as the cost of imported petrol has fallen below the price set by the Dangote Refinery.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, disclosed this in an interview with Daily Post on Monday.
According to data from the Major Energies Marketers Association of Nigeria (MEMAN), imported petrol is now about ₦77 cheaper per litre than petrol sold at Dangote Refinery’s gantry, which is priced at ₦799 per litre.
Last week, Dangote Refinery had urged fuel marketers to stop buying imported petrol, claiming it was about ₦75 more expensive than locally refined fuel.
However, the new figures have created fresh confusion for marketers.
Despite this price difference, petrol pump prices still vary across the country.
In Abuja, fuel sells for between ₦839 and ₦905 per litre, while some filling stations in Lagos have reduced prices to as low as ₦817 per litre. This is cheaper than the ₦839 per litre sold at MRS stations linked to Dangote Refinery.
These reductions suggest that fuel prices may soon drop nationwide.
Speaking on the situation, Maigandi said fuel prices could fall across the country if market conditions improve.
He explained that about 80 percent of IPMAN members buy fuel directly from Dangote Refinery, but transportation costs affect prices in different locations.
Maigandi said buyers who purchase large volumes enjoy discounts.
Marketers buying over 2 million litres get a ₦20 discount per litre, while those buying 5 million litres or more receive a ₦25 discount.
He added that fuel prices are lower in Lagos because of proximity to the refinery, while prices are higher in places like Abuja due to transportation costs.
According to him, more refineries and fuel imports will create competition, which will eventually push prices down further.
In January, Dangote Refinery raised its gantry price from ₦699 to ₦799 per litre, leading to higher fuel prices nationwide. In December last year, Aliko Dangote had promised that fuel prices would drop to ₦739 per litre, but this did not happen in most parts of the country.
As of Monday evening, global crude oil prices stood at $64.36 per barrel for West Texas Intermediate and $69.15 per barrel for Brent crude.
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