New Petrol Prices as Private Depots Match Dangote Refinery Rate
- Marketers say falling depot prices are creating room for further petrol pump price reductions across Nigeria
- Several major depots have aligned their ex-depot prices with Dangote Refinery's gantry rate of N1,215 per litre
- NNPC has already cut pump prices in Lagos and Abuja, with a new nationwide price list showing variation by state
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More filling stations across Nigeria could reduce petrol pump prices in the coming days after several private depot owners matched Dangote Refinery's gantry price of N1,215 per litre, intensifying competition in the downstream oil sector.
Depot pricing data shows that Dangote, Aiteo, Integrated, NIPCO, Matrix and Pinnacle are all selling petrol at N1,215 per litre, with African Terminal having also adjusted to that level. Lister and A.A. Rano quoted N1,216 per litre, while MRS was selling at N1,218 per litre.
Source: Getty Images
Marketers See Room for Further Reductions
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the recent price cuts by the Nigerian National Petroleum Company (NNPC) Limited, MRS and other marketers reflected lower landing costs for imported petrol. He added that the trend pointed to more reductions ahead.
Gillis-Harry said:
"As long as the landing cost continues to decline, marketers will continue to review their pump prices. Competition will naturally drive more reductions because every retailer wants to attract customers
The convergence of depot and refinery prices is expected to ease procurement costs for marketers and put pressure on retailers to pass savings on to consumers.
NNPC Prices Already Adjusted
NNPC has already moved on pricing. Its Lagos filling stations now sell petrol at N1,265 per litre, down N35 from N1,300. In Abuja, the pump price dropped N15 per litre to N1,335 from N1,350.
A Legit.ng market survey found petrol selling for between N1,265 and N1,310 per litre at many retail outlets in Abuja and surrounding areas.
The revised NNPC price list shows significant variation by state. Bauchi records the highest retail price at N1,385 per litre, followed by Adamawa and Zamfara at N1,370 per litre, and Gombe and Kaduna at N1,365 per litre.
Source: Getty Images
At the lower end, Bayelsa and Akwa Ibom have the cheapest NNPC petrol at N1,235 per litre. Motorists in Ogun, Abia, Imo and Rivers pay N1,295 per litre, while Delta, Ondo, Osun and Taraba retail at N1,300 per litre. Sokoto sits at N1,282 per litre, Petroleumprice.ng reports.
Diesel prices have also weakened at several depots. African Terminal, Duport and Ibeto cut diesel to N1,590 per litre, while Matrix and Bulk Strategic in Port Harcourt recorded prices of N1,630 per litre, reflecting a broader easing across refined petroleum products.
FG agrees to dollar swap deal with Dangote refinery
Earlier, Legit.ng reported that the federal government has agreed to provide foreign exchange to the Dangote Petroleum Refinery in exchange for naira generated from petrol sales, a company official told journalists, marking a fresh attempt to salvage the troubled naira-for-crude arrangement.
A management official at the refinery, who spoke on condition of anonymity given the sensitivity of the matter.
Under the deal, the government will supply dollars to the refinery to cover the cost of crude it purchased in foreign currency, while the refinery continues selling fuel to Nigerian consumers in naira.
Source: Legit.ng
