New Petrol Price Emerges As Operators Adjust in Response to Market Changes

• There are changes in the cost of petrol by operators as the market adjusts to internal falls in crude oil prices
• New data shows that several operators have implemented changes to their prices, including Dangote Refinery
• The Petroleum Products Retail Owners Association of Nigeria welcomes the decision to ban the importation of goods that can be produced locally

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

Several petroleum operators in Nigeria, including the Dangote Petroleum Refinery, have adjusted the prices of Premium Motor Spirit (PMS), also known as petrol, as the domestic market responds to a decline in crude oil prices, new data has shown.

According to data from Petroleum Price NG, operators such as Nipco and Rainoil revised their petrol prices to N841 per litre, down from over N842.

Rainoil’s Delta outlet in Warri reduced its price to N860 per litre from N865, while Mainland in Calabar cut its price to N874 per litre from N875.

Nipco also adjusted the price of Automotive Gas Oil (AGO), or diesel, to N955 per litre from N980. Meanwhile, the Dangote Refinery dropped its diesel price to N940 per litre from N946.

The price changes reflect growing market responsiveness to fluctuations in crude oil prices, with refiners and marketers adjusting rates amid weakening global demand and supply dynamics.

Filling stations expected to adjust prices

Although the changes are yet to reflect in the retail end of the market, there are expectations that the change will happen soon, and experts have projected N800 per litre.

Currently, the Nigerian National Petroleum Company Limited filling stations sell at N880 in Lagos and N910 for Abuja residents.

Meanwhile, Dangote Refinery’s partner stations, including Techno Oil, have joined MRS Nigeria, Ardova PLC, Optima Energy, and Hyden in selling at prices ranging from N880 to N950 per litre.

The price list is a follows:

• Lagos: N890 per litre, down from N920
• South-West N900 per litre, down from N930
• North-West and North-Central: N910 per litre, down from N940.
• South-East, South-South, and North-East: N920 per litre, down from N950.

PETROAN lauds ban on foreign goods' importation

In a related development, the Petroleum Products Retail Owners Association of Nigeria (PETROAN) has expressed confidence in the decision by the federal government to ban the importation of foreign goods that can be produced locally.

Billy Gillis-Harry, PETROAN national president, in a statement released on Tuesday, said:

“We commend President Tinubu for this bold decision,” said PETROAN National President Dr. Billy Gillis-Harry. “However, we urge the government to implement the policy carefully to avoid product shortages or price hikes, especially in the petroleum sector.”

The association called for a gradual phase-out of essential and sensitive imports, citing the need to consider local production capacity, quality standards, and strategic importance.

PETROAN also stressed the need for increased investment in local refining and manufacturing infrastructure to improve competitiveness, Vanguard reports.

The association reiterated its commitment to ensuring the availability and affordability of petroleum products, which meet the country's daily demand of over 46 million litres, without compromising energy security.

FG delists CNG conversion centre

In a previous report by Legit.ng, the Presidential Initiative on Compressed Natural Gas banned and delisted a conversion centre.

The committee disclosed that the centre was delisted after it found that it sold government-owned conversion kits.

PCNG disclosed that the conversion kits were to be installed for free for vehicle owners, but were sold for N200,000 and N1.2 million by the centre.

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

Source: Legit.ng