- Filling stations have made adjustments to petrol pump prices as depots and Dangote reduce prices
- Depots across Lagos and other key supply hubs lowered ex-depot prices to an average range of N1,250
- Lagos, Warri and Port Harcourt depots, holding above N1,280 per litre despite improved petrol supply conditions
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Filling stations across Nigeria have begun slashing the prices of Premium Motor Spirit (petrol), following a further reduction in gantry prices by the Dangote Petroleum Refinery.
The move by Dangote has already sent a ripple of downward price adjustments through the country’s depots and retail outlets.
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Source: Getty Images
A market survey revealed that filling stations in Lagos, NNPC filling stations are selling at approximately N1,310 per litre, down from N1,320; MRS Oil stations at around N1,330 per litre; and Ardova Plc stations at about N1,310 per litre.
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Mobil sells at N1,310 per litre, and Asharami sells at N1,320 per litre.
However, in Abuja stations operated by NNPC, Ranoil, AA Rano, NIPCO Plc, and MRS Oil, among others keept their pump prices between N1,350 and N1,370 per litre.
Sunset Energy and Emedab in Abuja adjusted prices to N1,345 and N1,360 per litre from N1,450 and N1,365, respectively.
Dangote price cut triggers petrol price changes
Over the weekend, the Dangote Petroleum Refinery reduced its ex-depot petrol price to N1,250/litre from N1,275/litre, Punch reports.
The reduction is attributed to lower global crude prices and the need to remain competitive in the domestic market.
Private depots nationwide, in response to Dangote’s price reduction and to remain competitive, slashed their prices by between N1 and N22 per litre, depending on the supplier, quantity, and location.d
Photo: Bloomberg
Source: Getty Images
Data obtained from Petroluemprice.ng showed that the latest depot prices have now fallen below or matched the Dangote gantry price.
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Latest Depot price changes
- African Terminal: N1,252
- Aiteo: N1,251
- NIPCO: N1,252
- Pinnacle Oil: N1,256
- Liquid Bulk Petroleum: N1,285
- Ascon Oil: N1,252
- Bonny Oil: N1,252
- Integrated Oil and Gas: N1,252
- Ardova Plc: N1,251
- Dangote Refinery: N1,253
The ex-depot price quotes from the remaining private depots, which include AA Rano, MRS Oil, Quest Petroleum, Techno Oil and AIPEC, were said to have been between N1,252 and N1,254.
Dangote sues Nigerian govt over import license
Earlier, Legit.ng reported that the Dangote Petroleum Refinery has approached the Federal High Court in Lagos, seeking an order to invalidate recent fuel import licenses issued or renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in favour of the Nigerian National Petroleum Company (NNPC) and some independent marketers.
The company argued that the approvals violate an existing court order that maintains the status quo, as well as provisions of the Petroleum Industry Act (PIA), which restrict fuel imports when domestic supply is deemed sufficient.
Dangote further maintained that Nigeria now has adequate local refining capacity, making broad fuel importation approvals unnecessary.
Source: Legit.ng