Petroleum products marketers have indicated that petrol prices may decline nationwide in the coming days as the landing cost of imported fuel has fallen below the Dangote Refinery’s gantry price.
According to data from the Major Energies Marketers Association of Nigeria (MEMAN), the average cost of imported petrol is now N77 per litre cheaper than the Dangote Refinery’s ex-depot price of N799 per litre. This emerging price disparity has intensified competition within the downstream sector and raised expectations of a potential reduction in pump prices.
Meanwhile, Dangote Refinery recently urged marketers to boycott coastal petrol imports, arguing that such products are N75 more expensive. The situation has created a pricing dilemma for marketers navigating between locally refined and imported supplies.
Retail pump prices currently range between N839 and N905 per litre in Abuja. However, in Lagos, some filling stations have adjusted prices downward to as low as N817 per litre—below the N839 per litre price at Dangote-backed MRS stations. The development suggests that price reductions could gradually spread to other parts of the country.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, stated that market dynamics and improved competition could drive further price cuts. He noted that about 80 percent of IPMAN members source their products directly from Dangote Refinery, with pricing influenced by purchase volume and logistics.
Marketers buying over two million litres reportedly receive a N20 per litre discount, while those purchasing five million litres or more enjoy a N25 discount, although the base price remains N799 per litre.
Maigandi emphasized that logistics costs largely account for regional price differences. He added that increased competition from additional refineries and imports would likely exert downward pressure on fuel prices.
As of Monday evening, crude oil traded at $64.36 per barrel for West Texas Intermediate and $69.15 per barrel for Brent crude.
