Dangote, major marketers cut petrol depot prices as FG mounts pressure

Nigeria's downstream petroleum sector is experiencing a new round of price cuts for petrol and diesel. Both the Dangote Petroleum Refinery and several major fuel marketers have reduced their depot prices, responding to pressure from the Federal Government and a more competitive market with improving product availability.

Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), highlighted at a recent stakeholders' meeting that current petrol retail prices do not align with the sharp decline in crude oil prices. The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), included key industry players like representatives from Dangote Refinery, MEMAN, IPMAN, DAPPMAN, NARTO, and PETROAN.

Dangote Refinery adjusted its ex-depot petrol price in Lagos by N3 to N1,076 per litre, while keeping its diesel price at N1,500 per litre. Other major depots in Lagos also saw reductions. NIPCO cut petrol by N2 to N1,076 per litre, Pinnacle by N3 to N1,075, and Sahara, AIPEC, and African Terminal by N4 to N1,075 per litre. Aiteo maintained its petrol price at N1,075 per litre.

Diesel prices also softened. Rain Oil reduced its price by N15 to N1,430 per litre, with Ibeto, Duport, and Ibachem also cutting prices to N1,430. In Port Harcourt, Matrix saw a significant N8 reduction in petrol to N1,087 per litre and a N55 cut in diesel to N1,465 per litre. Sigmund reduced petrol by N12 to N1,082 per litre, while slightly increasing diesel to N1,463 per litre. Reductions were also noted in Calabar and Warri.

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the current retail price of petrol does not reflect the sharp decline in price of crude oil.