Some Nigerian filling stations have lowered premium motor spirit pump prices, reflecting recent fluctuations in global crude oil costs. select retail outlets in Abuja and surrounding areas, including Ranoil and Sharon, now sell petrol at N1,280 per litre, a reduction of N20 from the previous N1,300 rate.
The adjustment represents a 1.54 per cent cut at these specific stations. However, prices remain uneven across the market. Stations operated by the Nigerian National Petroleum Company Limited (NNPC) and MRS continue to dispense petrol at N1,261 per litre, which is N19 below the new Ranoil and Sharon price. Other independent retailers, such as AA Rano and Empire Energy, maintain prices between N1,300 and N1,330 per litre.
The variation occurs against a backdrop of shifting crude oil benchmarks. Brent crude, which had peaked at $114 per barrel, cooled to approximately $107 per barrel by Thursday evening. This decline influences domestic fuel costs, though the effect on retail prices is moderated by additional factors including foreign exchange rates, distribution costs, and markup policies.
Further down the supply chain, the Dangote Refinery’s gantry price—the rate at which it sells to depots and major marketers—stands at N1,175 per litre. Depot owners including Pinnacle, Parker, and Zamson purchase at rates ranging from N1,192 to N1,200 per litre. These figures indicate a significant margin between the refinery’s ex-depot price and final retail rates, even where stations have reduced pump prices.
The current situation underscores a fragmented fuel pricing landscape in Nigeria. While some retailers are passing on savings from lower crude costs to consumers, others maintain higher rates. The persistence of price disparities highlights the complex interplay between global oil markets, domestic refining capacity, and individual marketing company strategies. The trend will likely depend on the stability of crude oil prices and the extent of product supply from the Dangote Refinery, which is expected to gradually exert downward pressure on market prices as distribution widens.
