Some filling stations have cut petrol to N1,330 after Dangote Refinery slashed gantry price.
NewsOnline Nigeria reports that some filling stations in Nigeria on Tuesday began reducing petrol pump prices following the decision by Dangote Refinery to slash its gantry price by N100 per litre.
Reports indicate that Ranoil and Sharon filling stations in Abuja lowered their petrol pump price by N20, selling at N1,330 per litre, down from N1,350 per litre.
However, other retail outlets have moved in the opposite direction. Stations operated by the Nigerian National Petroleum Company Limited (NNPC) retail, as well as MRS and AA Rano, reportedly increased their pump prices on Tuesday morning to between N1,260 and N1,330 per litre, compared with around N1,090 per litre on Monday.
ALSO: Court Dismisses Aiteo’s Preliminary Objection in Opu Nembe Oil Spill Lawsuit
The stations are yet to adjust their prices in response to Dangote Refinery’s latest gantry price reduction and the recent decline in global crude oil prices.
Meanwhile, the price of Automotive Gas Oil (diesel) remained unchanged at N1,780 per litre at several filling stations in Abuja, including Ranoil and AA Rano.
A manager at an MRS filling station in Abuja, who spoke on condition of anonymity, confirmed that the station was selling petrol at about N1,260 per litre as of Tuesday evening. The manager, however, declined to state whether the price would be reduced in the coming days following Dangote Refinery’s price cut and the drop in global crude oil prices.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said filling stations across the country may begin to adjust their pump prices downward before the end of the week.
“An adjustment may come from now to Friday since Dangote refinery cut gantry price to N1,075 per litre today,” he said.
Meanwhile, there are reports that Dangote Refinery has temporarily suspended gantry petrol sales since Sunday, a development that could affect the immediate impact of Tuesday’s price reduction.
The refinery had earlier increased its gantry petrol price by N396 per litre within the last ten days before announcing a N100 reduction on Tuesday, bringing the price down to N1,075 per litre.
The price drop from the 650,000-barrel-per-day Dangote Refinery followed a recent decline in global crude oil prices after United States President Donald Trump signalled a possible end to the ongoing conflict involving Iran.
Industry observers say further adjustments in pump prices may occur in the coming days depending on market reactions to the refinery’s new pricing and global oil market trends.
