Nigeria’s independent fuel marketers say retail petrol prices at filling stations have fallen over the past three weeks, citing a recent reduction in the “gantry” pricing of products from the Dangote Refinery. The group attributes the downshift to changes in upstream-to-downstream pricing following broader discussions on how to set fuel rates more consistently as crude prices move.
Quick facts
- The Independent Petroleum Marketers Association of Nigeria says pump fuel prices have dropped by N125 per litre over the last three weeks.
- It links the move to a reduction in the petrol rate at the gantry price of the Dangote Refinery.
- Retail prices are said to now range from N1,155 to N1,299 per litre, compared with about N1,340 previously.
- The association says further price decreases are expected after assurances from the refinery and depot owners.
In an interview on Monday, the association said the latest retail adjustment follows the federal government’s invitation to key downstream players, including the Dangote Refinery, depot operators and marketers. The meeting focused on adopting cost-reflective fuel pricing, particularly as crude oil prices have declined.
Officials had also called for an additional reduction in petrol prices and urged stakeholders to align with cost-reflective pricing mechanisms. The aim, in practical terms, is to connect what consumers pay at the pump with changes in production and logistics costs rather than leaving rates to drift.
After the discussions, the association’s representative said members—alongside depot owners—have been cutting prices during the same three-week window. He added that the parties reached agreement that the reduction would not be the end of the process.
He said fuel prices at filling stations have fallen markedly to a band of N1,155 to N1,299 per litre, after being higher at around N1,340. “Presently, we have reduced it by N125 per litre nationwide,” he said.
The spokesperson also indicated that additional declines are possible, pointing to the assurances given during the meeting. “Fuel prices will go down further; that was our major agreement,” he said, noting that both the refinery and depot owners had signaled continued support for the direction of travel.
