FG Moves To Crash Petrol Prices Nationwide As Dangote Announces New Rate
- The NMDPRA scheduled a consultative meeting with refiners, depot owners, marketers and retailers to discuss petrol pricing across Nigeria
- Dangote Petroleum Refinery cut its petrol gantry price by N25 to N1,325 per litre on Monday
- Petrol prices have climbed to between N1,395 and N1,450 per litre in Abuja and other parts of the country
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The federal government has taken steps to address rising petrol prices, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announcing plans to convene a consultative meeting with key players in the downstream petroleum sector.
The NMDPRA said the meeting, scheduled for Tuesday, will bring together refiners, depot owners, marketers and retailers to discuss the pricing of Premium Motor Spirit (PMS) and other petroleum products.
Source: Getty Images
The regulator said the engagement is in line with provisions of the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.
Petrol prices climb across Nigeria
The planned dialogue comes as pump prices rise in several parts of the country.
Petrol is currently selling for between N1,395 and N1,450 per litre in Abuja and some other locations, adding to the financial pressure on consumers and businesses already dealing with high transportation and operating costs.
Global crude oil prices have also softened recently, with Brent crude and West Texas Intermediate falling by more than 3% to about $100.50 and $92.43 per barrel, respectively, at the time of reporting.
Dangote Refinery lowers gantry price
BusinessDay reports that on Monday, Dangote Petroleum Refinery reduced its petrol gantry price by N25 per litre, bringing it down from N1,350 to N1,325.
The cut partially reverses the N85 increase announced by the refinery earlier in September, when it raised its petrol price from N1,265 to N1,350 per litre.
The new rate could influence pricing decisions across the downstream market as marketers reassess their costs and selling prices.
Source: Getty Images
Industry stakeholders have maintained that petrol prices are influenced by several factors beyond crude oil costs, including refining expenses, logistics, transportation and distribution charges.
Dangote Refinery's latest price reduction and the federal government's planned stakeholder engagement are expected to keep petrol pricing at the centre of discussions in the coming days.
Dangote Refinery announces new diesel, jet fuel prices
Earlier, Legit.ng reported that Dangote Petroleum Refinery has reduced the price of Automotive Gas Oil (diesel) at the gantry by N100 to N1,600, providing much-needed hope for a drop in transport, logistics, and manufacturing costs in Nigeria.
The latest adjustment follows an earlier reduction of petrol prices by N75 for marketers.
The fall in prices is in line with a recent decline in global crude oil benchmarks following an agreement between the United States and Iran aimed at ending the recent Middle East war and reopening the vital Strait of Hormuz.
Diesel has sold for between N1,660 and N1,670 across major Lagos depots, namely African Terminal, Sahara, Ibeto, and Duport.
Source: Legit.ng
