Petrol prices set to drop as Dangote Refinery cuts gantry rate to N1,215

Petrol prices at filling stations across Nigeria are expected to decline in the coming days following a reduction in the gantry price of Premium Motor Spirit (PMS) by Dangote Refinery to N1,215 per litre.

The latest price adjustment is expected to trigger a corresponding reduction in pump prices across the downstream petroleum sector, as filling station operators prepare to take delivery of petrol at the new rate.

Managers of filling stations operated by MRS and the Nigerian National Petroleum Company Limited (NNPCL) have confirmed that motorists could begin to enjoy lower prices from this week.

An NNPCL filling station manager in Abuja, who spoke on condition of anonymity, said the outlet was expecting a price reduction following the refinery’s latest adjustment.

“Our fuel price is expected to drop from this week following Dangote Refinery’s petrol price cut,” the manager said.

A manager at an MRS filling station also confirmed the possibility of a downward adjustment in pump prices in the coming days.

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The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, equally confirmed that members of the association would reduce petrol prices once they receive supplies from Dangote Refinery at the revised rate.

“Our members would cut fuel prices as soon as we receive Dangote Refinery’s petrol from this week,” Maigandi said.

Dangote Refinery’s latest price reduction is expected to influence pricing across the domestic market, given its significant contribution to Nigeria’s petrol supply.

The development comes amid a decline in international crude oil prices, with West Texas Intermediate (WTI) falling by about three per cent to $99 per barrel, while Brent crude dropped by approximately four per cent to $104 per barrel.

The reduction in crude prices could further ease pressure on domestic petrol pricing, although the final pump price will depend on factors including distribution costs, transportation expenses and marketers’ margins.

Currently, motorists in Abuja and its environs purchase petrol at prices ranging between N1,370 and N1,429 per litre.

The anticipated price adjustment is expected to provide some relief to consumers and businesses grappling with high transportation and operating costs amid prevailing economic challenges.