Nigeria’s fuel market showed fresh signs of easing on Wednesday, with Nigerian National Petroleum Company Limited and several other retailers cutting their premium motor spirit prices shortly after Dangote Refinery lowered its gantry petrol rate. The move suggests competition is beginning to translate upstream price changes into cheaper pump costs for motorists.
Quick facts
- NNPCL outlets in Abuja cut premium motor spirit to N1335 per litre from N1364.
- NIPCO, AA Rano, and other Abuja retailers reduced prices to N1330 and N1350 per litre (from N1350 and N1370 respectively).
- NNPCL, NIPCO, and AA Rano collectively lowered pump prices by N29 and N20 per litre as reported in the survey.
- Dangote Refinery cut its gantry petrol rate late last month by N25 per litre.
- The Independent Petroleum Marketers Association of Nigeria’s president said more stations would follow after receiving fresh stock from the 650,000-barrel-per-day refinery.
A market check in Abuja found that retail outlets linked to NNPCL reduced their pump price to N1335 per litre, down from N1364. In the same city, NIPCO and AA Rano also adjusted their rates, bringing their prices to N1330 and N1350 per litre respectively—down from N1350 and N1370.
Overall, the price actions meant NNPCL, NIPCO, and AA Rano lowered their premium motor spirit pricing downward by N29 and N20 per litre as reflected in the reported comparisons. The adjustments came just days after Dangote Refinery reduced its gantry petrol rate by N25 per litre late last month.
Following that upstream reduction, some stations had already begun marking down their retail prices. Reacting to the latest round of cuts, the president of the Independent Petroleum Marketers Association of Nigeria said additional filling stations are expected to reduce petrol prices once they take delivery of new supplies from the 650,000-barrel-per-day refinery.
