Fuel prices in Nigeria may soon fall as imported petrol becomes cheaper than the fuel sold by Dangote Refinery. Recent data shows imported petrol is on average N77 per liter cheaper than Dangote’s gantry price of N799, creating room for a potential nationwide price reduction.

Abubakar Maigandi, president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said about 80% of marketers currently buy petrol directly from Dangote Refinery. However, he noted that the growing price gap with imports could lead to lower retail prices if the market conditions remain favorable.

Currently, retail petrol prices range from N839 to N905 per liter in Abuja. In Lagos, some filling stations have already lowered their prices to as low as N817 per liter, undercutting Dangote-backed stations selling at N839.

Maigandi explained that logistics and purchase volume influence pricing across the country. Large-volume buyers of 2 million liters or more get discounts of N20 per liter, while purchases above 5 million liters receive N25 per liter off the gantry price.

“The market will stabilize as competition grows with more refineries and imports,” Maigandi said. “We expect fuel prices to fall further nationwide once conditions allow.”
Dangote Refinery raised its gantry price from N699 to N799 per liter in January, causing retail prices to spike. Despite earlier plans to bring prices down to N739, most stations have yet to reduce rates.

As of Monday evening, crude oil prices traded at $64.36 per barrel for West Texas Intermediate and $69.15 per barrel for Brent Crude, showing a stable global market.