Nigerian fuel retailers are signaling upcoming reductions in petrol pump prices, potentially bringing costs near the N1,000 per litre mark. This shift follows a period of downward price adjustments within the country’s downstream petroleum sector over the last fortnight.
Recent market changes saw the Nigerian National Petroleum Company Limited, NNPCL, adjust its rate to N1,210 per litre shortly after the Dangote Refinery lowered its gantry price to N1,125 per litre. These movements align with public pressure for lower costs as global crude oil prices have eased to approximately $73 per barrel, a significant drop from the previous levels exceeding $100 per barrel amidst stabilizing tensions in the Middle East.
Following a recent inquiry into the government’s stance on fuel pricing, the Federal Competition and Consumer Protection Commission issued a warning to oil firms against predatory pricing. An anonymous manager at an MRS station in Abuja indicated that prices at their facility are expected to drop to between N1,191 and N1,201 per litre by midweek.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, corroborated these trends, noting that the market is driven by supply and demand dynamics. He stated that prices could feasibly reach or drop below N1,000 per litre if international crude prices maintain their downward trajectory and refiners continue to adjust their rates. Currently, prices in the Abuja region remain between N1,210 and N1,300 per litre.
