Filling stations across Nigeria are expected to cut petrol prices in the coming days, following a price reduction by Dangote Refinery.
The refinery has lowered its gantry price for petrol to ₦1,215 per litre.
Dangote Refinery accounts for a significant share of Nigeria’s domestic fuel supply. The latest price cut is therefore expected to have a ripple effect across the country’s downstream petroleum sector.
Managers of filling stations operated by MRS and the Nigerian National Petroleum Company Limited confirmed to Daily Post that petrol prices would drop.
“Our fuel price is expected to drop from this week following Dangote Refinery’s petrol price cut,” an NNPCL outlet manager in Abuja, who preferred anonymity, told Daily Post.
Another MRS filling station manager also confirmed the possibility of a petrol price reduction in the coming days.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, reacted to the refinery’s latest price cut. He confirmed that filling stations would begin to reduce their prices as soon as they received petrol from the refinery.
“Our members would cut fuel prices as soon as we receive Dangote Refinery’s petrol from this week,” he told DAILY POST.
The development comes as crude oil prices dropped by 3 per cent and 4 per cent, to $99 and $104 per barrel for West Texas Intermediate (WTI) and Brent crude, respectively.
Nigerians currently buy petrol at prices ranging between ₦1,370 and ₦1,429 per litre at filling stations in Abuja and its environs.
