Private depots and Dangote Refinery reduce prices, but Nigerians are yet to feel relief at the pumps…..
The average price of petrol charged by private depots and Dangote Refinery fell slightly yesterday, as competition in Nigeria’s downstream sector intensified. Prices dropped to N880.5 per litre from N881.5 per litre.
Private depots, including Matrix, A.Y.M Shafa, and Sigmund Zamson, operating mainly in Warri, Delta State, and Calabar, Cross River State, reduced their price to N889 per litre from N890.
Similarly, Dangote Petroleum Refinery lowered its gantry price to N872 per litre from N873, while Pinnacle’s price remained unchanged at N872 per litre.
The Major Energies Marketers Association of Nigeria (MEMAN) last week put the landing cost of petrol at N829.77 per litre, marking a 5.69% decrease from the former gantry price of Dangote Refinery at N877 per litre.
Despite the decline, Nigerians have yet to feel the impact at retail stations, where petrol prices at MRS, Ardova, and NNPC Limited stood between N920 and N922 per litre in Lagos. The discrepancy has been linked to foreign exchange challenges, with the U.S. dollar trading at N1,443.77 on the black market.
In its latest Energy Bulletin, MEMAN noted that the decrease was based on a Brent crude benchmark of $67.02 per barrel. It reported:
- Average 30-day price for PMS: N829.77 per litre
- Spot (ASPM): N815.38 per litre
- Spot (NPSC-NOJ): N815.40 per litre
- AGO average 30 days: N974.50 per litre (Spot: N971.80)
- ATK average 30 days: N962.53 per litre (Spot: N983.53)
Speaking to journalists, Colman Obasi, National President of Oil and Gas Service Providers Association of Nigeria (OGSPAN), said:
“The downstream sector has been deregulated, and competition should be expected. This competition will present more options for consumers in the domestic market.”
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