Petrol prices across Nigeria may soon decline following indications that the landing cost of imported petrol has dropped below the gantry price of fuel produced by the Dangote Refinery.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, revealed this in an exclusive interview with DAILY POST on Monday.
His remarks came after data released by the Major Energies Marketers Association of Nigeria (MEMAN) showed that imported petrol is now about ₦77 per litre cheaper than Dangote Refinery’s gantry price of ₦799 per litre.
This development follows a statement by the Dangote Refinery last week urging marketers to avoid coastal petrol imports, which it claimed were ₦75 more expensive than its own supply.
The contrasting price positions have created a fresh dilemma for fuel marketers nationwide.
Despite the ongoing price parity debate, petrol pump prices in Abuja currently range between ₦839 and ₦905 per litre.
However, DAILY POST checks revealed that some filling stations in Lagos have reduced their pump price to as low as ₦817 per litre—below the ₦839 per litre sold at MRS stations backed by Dangote Refinery.
The price adjustment in Lagos has further raised expectations of a wider nationwide reduction in petrol prices.
Speaking on the issue, Maigandi said prevailing market conditions, if supported by the right enabling environment, could lead to a nationwide reduction in fuel prices.
He disclosed that about 80 percent of IPMAN members currently source petrol directly from the Dangote Refinery, noting that logistics and distance largely account for price differences across regions.
According to him, marketers who purchase more than two million litres enjoy a ₦20 per litre discount, while those buying five million litres or more receive a ₦25 discount, still paying the base gantry price of ₦799 per litre.
Maigandi commended Aliko Dangote for his investment in local refining, stressing that increased competition—through additional refineries and imports—would naturally drive prices lower.
He explained that petrol currently sells between ₦820 and ₦825 per litre in Lagos, while prices in Abuja range from ₦870 to ₦875 per litre due to higher transportation costs.
He added that with only one functional refinery in the country at present, more refining capacity and imports would help stabilize supply and further reduce fuel prices.
It will be recalled that Dangote Refinery raised its gantry price to ₦799 per litre in January from ₦699, triggering a nationwide increase in pump prices.
Although Aliko Dangote had earlier promised in December to push petrol prices down to ₦739 per litre, this target was not achieved across most filling stations.
Meanwhile, as of Monday evening, global crude oil prices stood at $64.36 per barrel for West Texas Intermediate and $69.15 per barrel for Brent crude.