Petrol and diesel prices at Nigerian pumps are poised to fall by up to N50 and N80 per litre respectively in the coming days, following a reduction in gantry prices by Dangote Refinery announced on Wednesday.
The refinery cut its ex-depot price for Premium Motor Spirit by N50 to N1,165 per litre, while Automotive Gas Oil dropped by N80 to N1,570 per litre. The Independent Petroleum Marketers Association of Nigeria said the impact would reach retail outlets by the weekend or Monday.
Abubakar Maigandi, IPMAN president, told Media Talk Africa that petrol pump prices would decline further once marketers begin lifting fresh stock under the new pricing template. A manager at an MRS filling station in Abuja, speaking on condition of anonymity, confirmed the outlet may reduce petrol from N1,265 to N1,215 per litre as early as this weekend.
Current pump prices in Abuja and surrounding areas range between N1,265 and N1,310 per litre for petrol, and between N1,700 and N1,800 per litre for diesel.
The refinery’s move comes amid declining global crude benchmarks. At the time of reporting, Brent crude Traded at $79 per barrel and West Texas Intermediate at $74 per barrel, pressured by market speculation around a potential diplomatic agreement between Iran and the United States concerning the Strait of Hormuz.
Persistent volatility in international oil markets continues to feed through to domestic fuel costs across Nigeria, where Dangote Refinery’s output has become a critical reference point for pricing since commencing operations. Marketers say the latest adjustment signals a direct pass-through of lower feedstock costs to consumers, though the final retail drop will vary by location and logistics overheads.
Industry observers expect the reduction to ease transport and input costs for businesses and households, provided the new prices hold at the pump. The next few days will test whether the full margin filters down through the distribution chain without delay.
