Petroleum products marketers have hinted that petrol pump prices may soon reduce across Nigeria, following a fresh shift in the market that shows imported petrol is now cheaper than Dangote Refinery’s gantry price.
This was disclosed by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, during an exclusive interview with DAILY POST on Monday.
Imported Petrol Now ₦77 Cheaper Than Dangote Price
According to data from the Major Energies Marketers Association of Nigeria (MEMAN), the average landing cost of imported petrol is now ₦77 per litre cheaper than Dangote Refinery’s gantry price.
- Dangote Refinery gantry price: ₦799/litre
- Imported petrol average cost: ₦77 cheaper than ₦799
This new price parity is creating a dilemma for marketers, especially as Dangote Refinery recently urged marketers to boycott imported coastal petrol, claiming it was ₦75 more expensive.
Pump Prices Still High in Abuja, Slight Drop in Lagos
Despite the new cost difference, retail pump prices remain high in many parts of the country.
DAILY POST checks showed:
- Abuja: ₦839 – ₦905 per litre
- Lagos: Some stations dropped to ₦817 per litre
Interestingly, this is lower than Dangote-backed MRS stations, which are selling at around ₦839 per litre.
IPMAN Explains Why Prices Differ Nationwide
Maigandi said a nationwide price drop is possible — but it depends on logistics, distance, and volume of purchase.
He revealed Dangote gives discounts based on quantity:
- 2 million litres+ buyers: ₦20 discount per litre
- 5 million litres+ buyers: ₦25 discount per litre
He added that about 80% of IPMAN marketers currently buy petrol directly from Dangote Refinery.
“Competition Will Force Prices Down” — IPMAN
Maigandi explained that Nigeria currently has only one major functional refinery, and that is affecting pricing.
According to him, once more refineries begin production and imports increase, competition will force prices down.
“By the time another refinery and import is being brought up, there will be competition and prices will drop. Fuel price will likely come down again.”
Background: Dangote Price Increase Triggered Nationwide Spike
Recall that in January, Dangote Refinery raised its gantry price to:
- ₦799/litre (from ₦699/litre)
This increase triggered the recent petrol price spike across Nigeria.
Dangote had earlier promised to push prices down to ₦739/litre, but that did not happen in most states.
Crude Oil Prices
As of Monday evening:
- WTI crude: $64.36 per barrel
- Brent crude: $69.15 per barrel
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