Petrol prices have dropped across Nigeria after marketers reduced pump rates following Dangote Refinery’s cut in its petrol gantry price, easing pressure on motorists and businesses.
Marketers Slash Pump Prices Across Stations
However, petrol prices have started to fall at several filling stations across Nigeria. Independent marketers adjusted pump rates after Dangote Refinery reduced its Premium Motor Spirit (PMS) gantry price.
Meanwhile, a market survey on Sunday showed price cuts by major independent marketers. These include Eterna, NIPCO, AA Rano, and Ranoil. They adjusted prices in Abuja and nearby areas.
Furthermore, pump prices now range between N1,280 and N1,300 per litre. This compares with the earlier average of about N1,340 per litre. The drop reflects a reduction of N35 to N55 per litre, depending on location and station.
Dangote Refinery Price Cut Drives Market Shift
Consequently, Dangote Petroleum Refinery reduced its petrol gantry price to N1,175 per litre. This adjustment triggered the latest downward movement in retail prices.
However, industry observers link the change to earlier movements in global crude oil prices. They note that crude prices fell before recent fluctuations in the market.
Meanwhile, marketers sourcing products from the refinery appear to be leading the price adjustment. Analysts say the trend may increase competition among fuel retailers in the coming days.
NNPC Retail Stations Hold Higher Prices
Furthermore, Nigerian National Petroleum Company Limited (NNPC) retail stations have not reduced their pump prices. They continue to sell petrol at about N1,335 per litre.
Consequently, a clear price gap now exists between NNPC outlets and independent marketers. Consumers across Abuja and other cities continue to notice this difference.
Relief for Consumers as Outlook Improves
Meanwhile, transport operators and motorists have welcomed the price drop. Many say the reduction offers some relief after months of high fuel costs.
However, Nigerians still face high transport fares and inflation pressures linked to fuel expenses. The latest adjustment has not fully reversed those costs.
Furthermore, energy market experts say domestic refining is reshaping Nigeria’s downstream sector. They argue that increased local refining could strengthen competition and stabilize supply.
Consequently, stakeholders expect more price movements as marketers respond to market signals. Many Nigerians now hope for further reductions in the coming days as competition increases.
