Nigeria’s refiners and fuel depot operators are facing calls to lower gantry and ex-depot petrol prices after international crude benchmarks weakened. The decline comes shortly after domestic fuel prices were raised.
Quick facts
- Brent crude fell to $88.10 a barrel.
- West Texas Intermediate dropped to $83.40 per barrel.
- Dangote Refinery’s gantry price rose by N100 to N1,265 per litre between August 21 and 29.
- Depot prices from Soroman, Bono, Aiteo, Techno Oil, Optima and other suppliers reached N1,200-N1,215 per litre.
- Petrol retailed at N1,230-N1,275 per litre in Abuja and surrounding areas.
The softer crude market is increasing pressure on Dangote Refinery and depot owners to reverse part of their recent price increases. Crude costs are a key component of the import-parity and domestic pricing calculations used across the fuel supply chain.
Dangote Refinery lifted its petrol gantry rate by N100 per litre over the August 21-29 period, taking the price to N1,265. The increase followed a broader upward move in the Nigerian downstream market.
Several depot operators, including Soroman, Bono, Aiteo, Techno Oil and Optima, also adjusted their ex-depot rates upward. Their prices stood between N1,200 and N1,215 per litre at the time under review.
Retail prices at MRS, Nigerian National Petroleum Company Limited stations and other filling stations were ranging from N1,230 to N1,275 per litre in Abuja and nearby areas.
