Nigerian fuel retail prices have not uniformly followed a recent increase by the Dangote Refinery, creating a mixed pricing landscape in the capital, Abuja, approximately 24 hours after the refinery’s adjustment.
The Dangote Refinery, operating at 650,000 barrels per day, raised its domestic pump price to N1,175 per liter on Friday. This move typically triggers nationwide retail price revisions due to the refinery’s significant market influence. However, Saturday morning checks revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets maintained their price at N1,261 per liter. Other major filling stations, including AA Rano, Ranoil, and NIPCO, continued to sell petrol between N1,230 and N1,330 per liter across Abuja and surrounding areas.
One exception was the Optima filling station near the EFCC headquarters, which increased its price by N50 to N1,270 per liter. Meanwhile, MRS filling stations, which are backed by Dangote Refinery, reportedly ceased petrol dispensing at several Abuja locations since Friday. Industry analysts note this halting of sales often precedes a price alignment with the refinery’s new rate.
The refinery’s decision followed a surge in global crude oil prices, which crossed the $100 per barrel threshold on Friday. This external market pressure directly impacts local fuel costs.
The divergence between the refinery’s ex-depot price and current retail rates highlights a potential lag in the market’s adjustment period. While Dangote’s pricing serves as a key benchmark, individual distributors and retailers may negotiate supply terms and timing before updating their pumps. Consumers and market watchers are now observing whether the NNPCL and other marketers will implement similar increases in the coming days, which would solidify the new national pricing trend. The situation underscores the delicate balance between international crude benchmarks and domestic fuel pricing in Nigeria’s deregulated market.
