Nigerian filling stations are expected to reduce petrol prices in the coming days following a price cut by Dangote Refinery.
DAILY POST reports that Dangote Refinery has reduced its gantry petrol price to N1,215 per litre.
With Dangote Refinery accounting for a significant share of Nigeria’s domestic fuel supply, the latest price reduction is expected to have a ripple effect across the country’s downstream petroleum sector.
Filling station managers at MRS and Nigerian National Petroleum Company Limited, NNPCL, outlets have 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 filling station manager at MRS also confirmed the possibility of a petrol price reduction in the coming days.
Reacting to Dangote Refinery’s latest price reduction, the President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Abubakar Maigandi, also confirmed that filling stations would begin reducing 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.
This 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.
Currently, Nigerians buy petrol at prices ranging between N1,370 and N1,429 per litre at filling stations in Abuja and its environs.