Petrol and diesel prices in Nigeria could fall by as much as N50 and N80 per litre in the coming days after Dangote Refinery cut its wholesale gantry rates for both products.
Quick facts
- New Dangote Refinery prices: N1,165 per litre for petrol and N1,570 for diesel.
- Expected retail reductions: up to N50 for petrol and N80 for diesel.
- Current prices around Abuja: N1,265–N1,310 for petrol and N1,700–N1,800 for diesel.
- Brent crude and West Texas Intermediate fell to $79 and $74 a barrel, respectively.
The refinery announced the reduction on Wednesday, lowering its petrol charge by N50 to N1,165 per litre and its diesel price by N80 to N1,570. The move is expected to feed through to filling-station prices once retailers begin collecting new supplies.
Abubakar Maigandi, president of the Independent Petroleum Marketers Association of Nigeria, said consumers should see the effect by the weekend or Monday. He said petrol pump rates would decline further as marketers lift products under the refinery’s revised pricing structure.
A manager at an MRS filling station in Abuja, who requested anonymity, said the outlet could cut its petrol price by N50. That would take the station’s rate from N1,265 to N1,215 per litre, potentially beginning this weekend or on Monday.
Petrol currently sells for between N1,265 and N1,310 per litre in Abuja and nearby areas, while diesel prices range from N1,700 to N1,800. The latest reduction therefore comes as retailers continue adjusting to changes in supply costs.
Global crude-market swings have continued to influence domestic fuel prices in Nigeria and other markets. Brent crude had dropped to $79 a barrel and West Texas Intermediate to $74 when the report was prepared, amid speculation that Iran and the United States could reach an agreement concerning the Strait of Hormuz.
