…as retail petrol prices remain elevated in parts of the country.
Abuja, Nigeria – The iNews Times reports that petrol prices may fall nationwide in the coming days as the price parity between imported fuel and locally refined petrol shifts, with imported petrol now selling below the Dangote Refinery gantry price.
The development was disclosed by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, during an interview on Monday.
Maigandi’s comments followed fresh data from the Major Energies Marketers Association of Nigeria (MEMAN), which showed that the average cost of imported petrol is N77 per litre cheaper than Dangote Refinery’s gantry price of N799 per litre.
Last week, Dangote Refinery had urged marketers to boycott coastal petrol, arguing that imported fuel was about N75 more expensive than its locally refined product, a claim now challenged by emerging market data.
The shifting price dynamics have created a fresh dilemma for petrol marketers, reopening competition between local refining and fuel imports.
Despite the ongoing parity debate, retail petrol prices remain elevated in parts of the country. Pump prices in Abuja currently range between N839 and N905 per litre.
However, checks by iNews Times revealed that some filling stations in Lagos have reduced petrol prices to as low as N817 per litre, undercutting Dangote-backed MRS filling stations, which currently sell at N839 per litre.
The Lagos price drop has raised expectations of a wider nationwide reduction in petrol pump prices.
Speaking on the development, Maigandi said current market conditions, if supported by the right enabling environment, could lead to further price reductions across Nigeria.
He disclosed that about 80 per cent of IPMAN members currently source petrol from the Dangote Refinery, while noting that logistics costs remain a major factor influencing pump price variations nationwide.
“It depends on the volume you are buying. For those buying more than two million litres, there is a discount of N20 per litre. Those buying five million litres and above get a discount of N25 per litre,” Maigandi explained.
According to him, large-volume buyers effectively purchase at the base price of N799 per litre, while distance and transportation costs determine final pump prices.
“In Lagos, they are selling at N820 to N825. In Abuja, it is N875 to N870 per litre because of distance,” he said.
Maigandi said increased competition driven by imports and the possible emergence of additional refineries would naturally force prices down.
“Right now, we have only one refinery. Once another refinery comes in and imports also increase, there will be competition, and fuel prices will drop again,” he added.
Recall that in January, Dangote Refinery raised its gantry price from N699 to N799 per litre, triggering a nationwide spike in petrol prices.
In December last year, the President of the 650,000-barrel-per-day refinery, Aliko Dangote, had promised to push petrol prices down to N739 per litre, a target that has largely remained unmet across most filling stations.
Meanwhile, global oil prices remained relatively stable on Monday, with West Texas Intermediate (WTI) trading at $64.36 per barrel, while Brent Crude stood at $69.15 per barrel.
