Filling Stations To Reduce Fuel Prices As Dangote, Other Depots Make Changes

• There are high expectations that petrol prices will be adjusted in the days ahead amid changes in crude oil prices
• Already, some depots in the country have adjusted their petrol prices for independent marketers looking to buy
• Currently, the retail price of petrol ranges from N870 to N930, depending on the location and fuel station.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

There are rising expectations that petrol prices in Nigeria could be reduced by filling stations in the coming days.

Marketers of refined petroleum products say the expected change is due to the crude oil price slump again.

Data monitored from Petroluemprice.ng on Tuesday, April 6, shows that depots across the country have already adjusted their ex-depot petrol prices, offering independent marketers slightly lower rates than previously recorded.

For example, marketers such as A.Y.M Shafa and Pinnacle Warri have slashed their prices by N, bringing their latest prices to N855 and N854, respectively, each representing a 0.58% drop.

First Fortune recorded the biggest drop of N6, now selling at N859 – a 0.69% decline.

Other notable adjustments include:

• Prudent Oghara: down N2 to N858 (-0.23%)
• Matrix Warri: down N2 to N858 (-0.23%)
• Rainoil Delta: down N1 to N859 (-0.12%)
• Rainoil Lagos: down N1 to N839 (-0.12%)
• Eterna: down N1 to N839 (-0.12%)
• Dangote Depot: down N1 to N838 (-0.12%)
• Pinnacle (Lagos): down N1 to N838 (-0.12%)

The changes are expected to be significant in the days ahead as oil prices continue to decline and are reflected in the retail prices of petroleum products."

Crude oil prices drop

Crude oil prices are just above $60 per barrel on Monday following OPEC’s decision to raise output among member countries.

Brent crude settled at $60.23, down $1.06 or 1.7%, while U.S. West Texas Intermediate (WTI) dropped $1.16, closing at $57.13, a 2% decline, BusinessDay reports.

On Saturday, the OPEC+ alliance agreed to accelerate oil production hikes for the second consecutive month, approving an increase of 411,000 barrels per day in June.

The June adjustment by eight OPEC+ members brings the total combined output hikes for April, May, and June to 960,000 barrels per day, representing a 44% rollback of the 2.2 million barrels per day cut since 2022.

Reuters also reported that the group could fully unwind its voluntary supply cuts by the end of October unless compliance with production quotas improves.

Dangote names those frustrating Tinubu’s oil reforms

Earlier, Legit.ng reported that the President of the Dangote Group, Aliko Dangote, has blamed oil marketers and traders for trying to frustrate Tinubu’s reforms.

The billionaire businessman said cabals in the oil industry include major oil marketers who are determined to frustrate Tinubu’s policies.

Dangote denied reports that he was accusing the NNPC management when he mentioned that oil cartels were trying to frustrate his refinery.

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Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng