Petroleum marketers have hinted at a possible nationwide reduction in petrol prices in the coming days following a sharp drop in the cost of imported fuel, which has now fallen below the Dangote Refinery gantry price.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, disclosed this on Monday.
According to data from the Major Energies Marketers Association of Nigeria (MEMAN), imported petrol is currently ₦77 per litre cheaper than Dangote Refinery’s gantry price of ₦799 per litre, a development that has thrown fuel marketers into a fresh pricing dilemma.
Last week, the Dangote Refinery urged marketers to boycott imported coastal petrol, claiming it was ₦75 more expensive than locally refined fuel. However, the latest figures appear to contradict that position, raising questions over price competitiveness in the downstream sector.
Despite the ongoing parity debate, retail petrol prices in Abuja remain high, ranging from ₦839 to ₦905 per litre across filling stations. In Lagos, however, signs of relief are already emerging.
Checks by DAILY POST revealed that some Lagos stations have slashed pump prices to as low as ₦817 per litre, undercutting even Dangote-backed MRS filling stations, which currently sell at ₦839 per litre.
The development has fueled expectations that the price reduction could soon spread nationwide.
Speaking on the matter, Maigandi said prevailing market realities, coupled with the right enabling environment, could force a downward review of pump prices across the country.
He disclosed that nearly 80 percent of IPMAN members now source petrol directly from the Dangote Refinery, noting that logistics costs remain a major factor in price differences across regions.
“Pricing depends on the volume purchased,” Maigandi explained. “Marketers buying over two million litres get a ₦20 per litre discount, while those purchasing five million litres and above enjoy a ₦25 discount, buying effectively at the ₦799 rate.”
He added that geographical distance significantly affects pump prices, with Lagos selling between ₦820 and ₦825 per litre, while Abuja prices hover around ₦870 to ₦875 per litre.
Maigandi further stressed that increased competition, through additional local refining capacity and fuel imports, would inevitably drive prices down.
“Once more refineries come on stream and imports increase, competition will set in and fuel prices will fall again,” he said.
Recall that in January, the Dangote Refinery raised its gantry price from ₦699 to ₦799 per litre, triggering a nationwide surge in petrol prices.
In December last year, refinery owner Aliko Dangote pledged to lower pump prices to ₦739 per litre, a target that remains largely unmet at most filling stations.
Meanwhile, global crude oil prices remained mixed on Monday evening, with West Texas Intermediate trading at $64.36 per barrel, while Brent Crude stood at $69.15 per barrel.
