Fuel prices across Nigeria have fallen for the second time in a week, driven largely by reduced rates from the Dangote Refinery, the continent’s largest oil facility. Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), along with several major retail outlets, announced new price adjustments this week, offering relief to consumers grappling with high energy costs.
Abubakar Maigandi, IPMAN’s National President, confirmed to local media on Friday that pump prices in Lagos, Nigeria’s commercial hub, now range between ₦860 and ₦870 per liter, down from earlier figures. In the capital, Abuja, prices have dropped to ₦895–₦900 per liter. The reduction follows a ₦30 per liter cut in the ex-depot price—the rate at which fuel is sold to retailers—from the Dangote Refinery. The refinery reduced its rate to ₦820 this week, down from ₦850, prompting downstream adjustments.
“Immediately after Dangote lowered its price, our members had to follow suit,” Maigandi explained, noting that stations still selling at higher rates are likely offloading older inventories. The refinery, which began operations earlier this year, has gradually reshaped Nigeria’s fuel supply chain, historically reliant on imports.
Major retailers, including MRS, Empire, and Ranoil, had already lowered Abuja prices to between ₦885 and ₦945 per liter by Thursday. By Friday, further cuts were observed, with stations such as Mobil, AA Rano, and others selling petrol for ₦890–₦920 in the capital. The state-owned Nigerian National Petroleum Company Limited (NNPC) also adjusted its retail rates, offering fuel at ₦865 in Lagos and ₦890 in Abuja as of Thursday.
This marks the second price decline in days, reflecting Dangote’s growing influence in domestic fuel distribution. Analysts suggest the refinery’s expanded output could stabilize Nigeria’s volatile energy market, though challenges like logistics and foreign exchange fluctuations persist. For now, the downward trend offers temporary respite to households and businesses, with wider economic implications likely to unfold as local refining capacity grows.
