Fuel prices at several filling stations across Nigeria have started to drop following a recent price review announced by Dangote Refinery. The reduction comes just days after the refinery lowered its gantry price, leading to visible changes at retail outlets, especially in Abuja.
A visit to various fuel stations in the Federal Capital Territory showed that some marketers have already adjusted their pump prices. MRS filling stations reduced the cost of Premium Motor Spirit to N739 per litre from N910. AA Rano stations now sell at N840 per litre, also down from N910, while Bovas stations adjusted their price to N865 per litre from the same previous rate.
These changes mean that motorists are now paying between N45 and N171 less per litre, depending on the station. However, not all marketers have followed the trend. Ranoil, Empire Energy, and several other stations were still selling petrol at prices between N910 and N912 per litre as of Wednesday.
Checks also showed that Nigerian National Petroleum Company Limited retail outlets, including those along the Kubwa Expressway, had no fuel available at the time of observation.
At the depot level, Dangote Refinery’s ex-depot price was N703 per litre. Pinnacle matched this price, while Bovas depot sold at N708 per litre.
The recent shift follows comments made by Aliko Dangote, President of Dangote Refinery, who said that “the country’s fuel price should not be more than N740 per litre.” His statement is widely seen as a major factor behind the current competition among fuel marketers.
Last week, Dangote Refinery reduced its petrol gantry price from N828 to N699 per litre, a move that has continued to influence market prices nationwide