Nigerian fuel retailers have begun trimming prices at the pump, bringing down the cost of petrol in Abuja and surrounding areas roughly a week after the latest price adjustment at Dangote Refinery’s distribution channels. The move came five days after Dangote Refinery lowered its gantry price for petrol.
A market check carried out on Sunday morning found that stations operated by Eterna, NIPCO, AA Rano and Ranoil have all reduced their pump prices to a range of N1,280 to N1,300 per litre, down from N1,340 per litre previously. In practical terms, the retailers have cut prices by about N35 to N55 per litre.
Not all outlets have passed on the reduction. Nigerian National Petroleum Company Limited (NNPCL) retail stations, along with other NNPCL-branded outlets, were still selling petrol at N1,335 per litre, with no visible change at the time of the survey.
Earlier reporting had indicated that MRS filling stations backed by Dangote Refinery lowered their fuel price on Friday by N76, bringing the cost to N1,241 per litre. That domestic adjustment followed Dangote Refinery’s own decision to cut the price of petrol at the gantry to N1,175 per litre after a fall in global crude oil benchmarks.
At the time this report was filed, crude oil was trading at about $76 and $80 per barrel for West Texas Intermediate and Brent blends, respectively. Prices had also seen a modest lift after Iran shut the Strait of Hormuz again, days after a reported peace arrangement involving United States President Donald Trump. The renewed disruption added a small premium to oil prices by Sunday morning.
