Petrol Price Update: Import Cost Drops As Dangote Marketers Announce New Prices

• Nigeria’s petrol landing cost has declined, creating room for further adjustments in wholesale prices
• Dangote Refinery’s consortium marketers have announced a new gantry price, intensifying competition among fuel suppliers
• The latest price movements could influence how much motorists pay at filling stations across the country

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria’s petrol market is witnessing fresh price adjustments as the landing cost of imported petrol declines and marketers linked to Dangote Refinery announce new wholesale prices.

The development comes amid increasing competition between domestic refiners and independent petroleum marketers, with changes in international fuel benchmarks influencing local pricing decisions.

According to the latest import parity data from the Major Energy Marketers Association of Nigeria (MEMAN), petrol’s spot landing cost stood at N1,239.92 per litre on October 30, below its 30-day average of N1,289.36.

The latest figure represents a decline of N49.44 or 3.84%, indicating a reduction in the estimated cost of bringing petrol into Nigeria.

The spot landing cost under the NPSC-NOJ benchmark was slightly lower at N1,238.91 per litre.

Dangote marketers announce new petrol prices

The decline in landing costs coincides with a reduction in Dangote Refinery’s consortium marketers' gantry price.

The marketers reduced their petrol price from N1,265 to N1,220 per litre, representing a cut of N45 or 3.56%.

The adjustment has put pressure on independent depot operators, several of which have also reviewed their prices to remain competitive.

In Lagos, depot prices that averaged about N1,300 per litre on Thursday fell on Friday, October 30.

African Terminal, Integrated, Rainoil, Ardova and Nipco quoted N1,260 per litre, while Aiteo offered the product at N1,255.

The six reported price entries averaged N1,259.17 per litre, down N40.83 or 3.14% from the previous day's average.

What the latest development means for motorists

Petroluemprice.ng reports that the decline in landing costs and wholesale prices could provide an opportunity for filling stations to reduce their pump prices.

However, the extent of any reduction will depend on how quickly retailers adjust their selling prices, alongside transportation, distribution and operating expenses.

For motorists, the latest developments offer a potential reprieve from high fuel costs, although lower depot prices do not automatically translate into immediate reductions at filling stations.

Competition among refiners, consortium marketers and independent depot operators will remain an important factor in determining petrol prices in the coming days.

NNPC reverses increase

Earlier, Legit.ng reported that the Nigerian National Petroleum Company (NNPC) Limited has reduced its petrol pump price by N10 per litre in Lagos, bringing the new rate to N1,355 from N1,365. This represents a 0.73% decrease and reverses last week's price increase.

In Abuja, NNPC filling stations are selling petrol at N1,405 per litre, down from the previous rate of N1,410.

The adjustment comes amid intensifying competition in Nigeria's downstream petroleum market.