Petrol prices at outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) and MRS have held at N1,395 per litre in Abuja and surrounding areas, even as crude prices and Dangote Refinery’s wholesale petrol rate have fallen.
Key takeaways
- Dangote Refinery cut its gantry price by N25 to N1,325 per litre from N1,350.
- Brent crude was trading at $104 a barrel, while West Texas Intermediate stood at $92.
- Several independent retailers lowered pump prices by at least N10 to protect their market share.
- Petrol sold across Abuja and nearby locations for between N1,395 and N1,450 per litre.
- Dangote Refinery accounted for more than 70 per cent of domestic petrol supply in the regulator’s August data.
Retail prices remain firm
A review of filling stations in Abuja and its environs found no change in the retail rate charged by NNPCL and MRS outlets. Their N1,395-per-litre price remained in place despite lower crude benchmarks and the reduction in Dangote Refinery’s supply price.
Other fuel retailers responded by trimming their rates by a minimum of N10 per litre in an effort to compete. As a result, pump prices across the federal capital and nearby areas ranged from N1,395 to N1,450 per litre.
Domestic supply shifts toward local refining
Figures published in the August factsheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority showed that Dangote Refinery provided more than seven-tenths of Nigeria’s domestic petrol supply. The refinery’s growing contribution coincided with a sharp reduction in fuel imports.
