Nigerians are set to experience some relief in fuel costs as petrol prices are expected to decline nationwide following a fresh price reduction by Dangote Refinery.
The refinery on Thursday cut its gantry price by N85, representing a 6.6 percent drop, bringing the cost down to N1,200 per liter from N1,285. The move positions its price below prevailing depot rates, which range between N1,240 and N1,255 per liter.
The reduction is likely to trigger a downward adjustment in retail pump prices, with estimates suggesting a decrease of between N50 and N70 per liter at filling stations across the country.
Confirming the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers sourcing products from the refinery would be compelled to revise their pump prices.
“Our members will have to adjust to the new retail price,” he said.
Officials at major outlets, including those operated by the Nigerian National Petroleum Company and MRS, also indicated that they are awaiting updated pricing templates from their headquarters before implementing changes.
The price cut comes amid a slight easing in global crude oil prices earlier in the week, after recent volatility driven by geopolitical tensions involving Iran, the United States, and Israel.
In recent weeks, Nigeria has witnessed a sharp surge in petrol prices, with pump prices rising by over 50 percent to between N1,361 and N1,370 per liter from about N875 to N900 in Abuja.
Analysts say the latest adjustment by Dangote Refinery could help stabilize the market and provide temporary relief to consumers if sustained.
