FUEL PRICES DROP NATIONWIDE AFTER DANGOTE REFINERY RATE CUT
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By: Fasasi Hammad
Petrol prices have begun to decline at filling stations nationwide, just days after the Dangote Refinery announced a reduction in its ex-depot price.
A market survey conducted on Saturday showed that several fuel marketers in Abuja and surrounding areas have adjusted their pump prices downward.
Among the outlets that have implemented the reduction are AA Rano, Ranoil, the Nigerian Independent Petroleum Company and other retail stations operating in the Federal Capital Territory. Petrol is now selling between N1,205 and N1,240 per litre, compared to the previous average of about N1,300 per litre.
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The latest price adjustment follows Dangote Refinery’s decision on Thursday to lower its gantry price for petrol to N1,075 per litre, a move linked to the recent decline in global crude oil prices. West Texas Intermediate and Brent crude were trading at approximately $68 and $72 per barrel, respectively.
Earlier, MRS Filling Stations, supported by Dangote Refinery, reduced its pump price in Abuja to N1,191 per litre, while the Nigerian National Petroleum Company Limited (NNPCL) also cut its price to N1,210 per litre.
Despite the series of reductions by Dangote Refinery and major fuel marketers, petrol prices remain above the N1,000-per-litre mark that prevailed before tensions in the Middle East triggered a surge in global energy prices.
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