By Ado Oyeyemi
The Dangote Petroleum Refinery has reduced its petrol gantry price by N35 per litre, raising expectations of a corresponding drop in pump prices across filling stations.
The refinery lowered its Premium Motor Spirit price from N1,250 to N1,215 per litre, according to a market survey conducted by Daily Post.
The Chief Executive of Petroleumprice.ng, Olatide Jeremiah, confirmed the adjustment, disclosing that depot operators, including Soroman, Aiteo and Masters, were selling petrol between N1,255 and N1,300 per litre.
Jeremiah said the new price was confirmed through consortium marketers.
“It’s the consortium marketers’ price,” he told Daily Post.
Reacting to the development, the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, welcomed the reduction, describing it as a positive development for consumers.
“It is a good thing for Nigerians,” he said.
The latest adjustment comes after weeks of relatively high petrol prices, with retail rates at filling stations ranging between N1,370 and N1,429 per litre.
However, the refinery’s decision to reduce its gantry price is expected to trigger a downward adjustment in retail prices from Monday, although the extent of the reduction will depend on individual marketers.
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The development comes amid elevated global crude oil prices, with Brent crude trading at $113 per barrel and West Texas Intermediate at $104 per barrel as of the time of filing this report.
