Oil Marketers Lament Losses as More Filling Stations Crash Petrol Prices
- Oil marketers have alerted importers to the possibility of further price slashes by Dangote Refinery and other top players
- They asked their members to be cautious in their purchases so as not to incur debts following the slash in petrol prices
- The development came as SGR lowered its petrol prices to N899 per litre, N16 less than Dangote Refinery partner station, Heyden
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Following the return of the naira-for-crude deal ordered by the Nigerian government, the Independent Petroleum Marketers Association of Nigeria (IPAMN) has warned oil dealers and importers against losses that may result from further price cuts.
The development comes as another independent marketer, SGR, crashed petrol prices to N899 per litre at its filling stations.
Source: UGC
IPMAN predicts further price cuts
IPMAN’s national vice president, Hammed Fashola, asked marketers and importers to be cautious while purchasing petroleum products because Dangote Refinery and other players could slash prices further.
Legit.ng earlier reported that the mega refinery had slashed petrol prices to N865 per litre shortly after the Nigerian government ordered the return of the naira-for-crude deal.
Analysts have attributed the latest price crash to the drop in global crude oil prices.
Dangote notifies marketers of new petrol prices
According to reports, notices to marketers by the Lekki-based refinery show that its PMS will now be sold at N865 per litre, including charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The Dangote Refinery said that other products are still sold in dollars, while PMS sales via coastal vessels are on hold.
The development has led to petrol stations adjusting their pump prices downward.
More filling stations slash prices
According to Punch reporting, about four SGR filling stations have dropped their petrol prices to N899 per litre, the cheapest along the Lagos-Ibadan Expressway and Sagamu-Ijebu Ode axis.
The current price is N16 below Dangote Refinery’s partner filling station, Heyden.
Many of the petrol stations in Lagos and Ogun states have also reduced their prices from over N940 to N930 or N920 per litre.
Heyden reduced its pump prices to N915 to reflect the slight reduction in ex-depot prices.
Legit.ng also reported that since December last year, the mega refinery has remained a dominant player in the petroleum downstream sector, changing prices in line with market dynamics.
Depots slash prices for marketers
More fuel price reduction is expected as various depots across the country supplying to marketers slash prices, including Dangote.
Ex-depot petrol price refers to the price it is sold from a depot (a storage facility) or a distribution point.
Data tracked shows that Heyden recorded the sharpest drop, falling by N182 to sell at N847 per litre, a 17.69% decrease.
MRS Tincan followed closely, shedding N57 to settle at N850 per litre, while Dangote’s depot reduced its price by N31.5 to N835, representing a 3.64% drop, Punch reports.
Other reduction observed include Sobaz (N870, down N35), Aiteo (N860, down N1), Sigmund (N872, down N2), Alkanes (N868, down N2), and Liquid Bulk (N874, down N8).
However, prices held steady at several depots, including Rainoil Lagos (N865), Ardova (N865), Sahara (N865), AIPEC (N864), Menj (N863), A. A Rano (N863), Eterna (N865), and Pinnacle Warri (N869).
Warri-based Matrix remained unchanged at N872, and Prudent in Oghara also held firm at N870 per litre.
Marketers refute claims of monopoly by Dangote
Reports say the refinery has broken the monopoly previously enjoyed by the Nigerian National Petroleum Company Limited (NNPC), which was the sole importer of petroleum products.
However, Fashola warned marketers and importers to be wary to avoid incurring losses and debts when the big players slash prices.
He said it would be good for consumers if Dangote and others lowered the prices of fuel, refuting claims that Dangote Refinery is dictating market prices.
Source: Getty Images
He urged other industry players not to oppose the naira-for-crude deal over the perceived advantage to Dangote Refinery.
NNPC releases new petrol price list
Legit.ng earlier reported that after a long delay, the Nigerian National Petroleum Company Limited (NNPC) had increased the pump price of petrol to N925 per litre at its retail stations in Lagos and N950 in Abuja.
The new prices became effective April 2, 2025, representing an increase of N65 from N860 per litre in Lagos and an increase of N70 above the previous N880 per litre in the North.
MRS and other independent petrol dealers had already hiked their petrol prices to N930 per litre in Lagos and N960 in the North.
This article has been updated by head of business desk, Victor Enengedi, with additional information.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
