Marketers operating under the Dangote Refinery consortium have reduced their petrol gantry price to N1,215 per litre, following a N35 adjustment from the previous rate of N1,250.
The reduction represents a 2.8 per cent decrease and is expected to influence wholesale petrol prices across Nigeria’s downstream petroleum market.
The latest adjustment comes amid increasing competition among domestic refiners, independent depot operators and fuel importers, as marketers respond to changes in international petroleum product prices.
A market survey by Daily Post confirmed the new rate, with Petroleumprice.ng Chief Executive, Olatide Jeremiah, attributing the revised price to marketers within the refinery’s consortium. Daily Post Nigeria+1
The development has also affected independent depot operators, with some facilities in Lagos reportedly offering petrol between N1,255 and N1,300 per litre.
Among the depots adjusting their prices are Soroman, Aiteo and Masters, according to the market survey.
Reacting to the reduction, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, welcomed the development, describing it as positive for Nigerian consumers. Daily Post Nigeria
The lower gantry price could create room for filling stations to review their pump prices, although the extent of any reduction will depend on transportation expenses, distribution costs and marketers’ profit margins.
Before the adjustment, petrol prices at filling stations across the country reportedly ranged between N1,370 and N1,429 per litre.
The latest development comes as Nigeria’s downstream petroleum market undergoes changes in pricing and distribution arrangements.
Dangote Refinery recently restructured its consortium marketing arrangement, reducing participating marketers from 37 to 25. The refinery also moved away from a fixed petrol pricing system to one linked to the European Blendstock for Oxygenate Blending (EBOB) benchmark, exposing domestic gantry prices to changes in international gasoline prices. Legit.ng – Nigeria news.+1
The adjustments are expected to influence competition and pricing across the domestic fuel market, with consumers looking towards possible reductions in pump prices.
However, a decline in refinery loading costs does not automatically translate into an equivalent reduction at filling stations, as additional supply and distribution expenses remain part of the final retail price.
