Petrol prices at Nigerian filling stations are likely to decline in the next few days after Dangote Refinery lowered the price of petrol sold at its loading gantry to N1,215 per litre. Given the refinery’s substantial role in supplying the domestic market, the move is expected to filter through Nigeria’s downstream oil industry.
Managers at outlets operated by MRS and the Nigerian National Petroleum Company Ltd. (NNPCL) said retail pump prices were set to fall. An NNPCL station manager in Abuja, who asked not to be identified, said the outlet expected to begin reducing its fuel price this week in response to the Dangote Refinery adjustment.
A manager at an MRS filling station similarly said a reduction in petrol prices could take effect in the coming days.
Abubakar Maigandi, president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said marketers would lower their prices once they began receiving petrol supplies from the Dangote refinery this week.
The development coincides with a decline in international crude prices. West Texas Intermediate fell by 3% to $99 per barrel, while Brent dropped 4% to $104 per barrel.
Motorists in Abuja and nearby areas are currently paying between N1,370 and N1,429 per litre of petrol at filling stations.
