By Juliet Ezeh
Some petroleum marketers in Nigeria may begin to reduce petrol pump prices before the end of the week following the latest gantry price cut by Dangote Refinery.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said fuel stations are likely to review their prices downward between now and Friday.
Dangote refinery reduces petrol price
The development follows a N100 reduction in the refinery’s gantry petrol price to N1,075 per litre on Tuesday.
The refinery’s latest adjustment came after global crude oil prices declined amid easing geopolitical tensions following signals from Donald Trump about a possible end to the Iran conflict.
Industry analysts say the reduction could influence retail pump prices across the country if marketers adjust their pricing in response to the lower supply cost.
Marketers signal possible pump price reduction
Reacting to the development, Gillis-Harry said filling stations are expected to begin reviewing their pump prices in line with the refinery’s new gantry rate.
According to him, price adjustments may occur gradually as marketers evaluate supply costs and market conditions.
He noted that marketers usually require some time to reflect gantry price changes at the retail level, especially after recent fluctuations in petrol supply costs.
Mixed fuel prices at filling stations
Despite the refinery’s price reduction, some filling stations have yet to reflect the new pricing structure, resulting in varying pump prices across different outlets.
Retail stations operated by Nigerian National Petroleum Company Limited and other independent marketers in some locations have maintained higher prices for petrol as of Tuesday evening.
Meanwhile, the price of diesel, also known as Automotive Gas Oil, has remained largely unchanged in several filling stations.
Market uncertainty over gantry sales
There are also indications that the refinery may have temporarily suspended gantry petrol sales, a situation that could affect how quickly the latest price cut impacts the retail market.
Market observers say the coming days will determine whether the reduction leads to a wider drop in pump prices nationwide.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.