Marketers reduce fuel prices as landing cost falls below Dangote rate

Fuel prices have begun to fall at several filling stations in Abuja as the landing cost of petrol continues to drop below Dangote Refinery’s ex-depot price.

Findings by media personnel on Wednesday revealed that top marketers such as NIPCO, AA Rano, Eterna, and Empire Energy have reduced their pump prices.

Major Marketers Adjust Prices

NIPCO and AA Rano now sell petrol at ₦940 per litre, down from ₦950–₦955. Eterna and Empire Energy also cut prices to ₦945 and ₦955 per litre, marking a reduction of between ₦4 and ₦10.

Similarly, NNPC retail outlets in Abuja have adjusted their pump prices to ₦945 per litre, following recent market trends. However, MRS (Dangote Petrol) and Ranoil still sell at ₦950 and ₦955 per litre.

A station manager, who preferred to remain anonymous, said, “We may reduce our price in the evening or so, but at the moment we still dispense fuel at ₦950 per litre.”

Refinery and Depot Rates

The Major Energy Marketers Association of Nigeria recently reported a drop in petrol’s landing cost to ₦827.04 per litre, down from ₦829.77 in late October.

Depot prices also dipped slightly, with Dangote Refinery’s ex-depot rate at ₦872 per litre, while NIPCO, AA Rano, BOVAS, and Aiteo sell at ₦870.

This shows Dangote Refinery’s price is ₦2 higher than other depot owners, leaving a ₦44.96 gap between its rate and the current landing cost.

Government Policy Impact

The latest reduction follows President Bola Ahmed Tinubu’s approval of a 15 per cent import duty on petrol and diesel to promote local refining and support Dangote Refinery operations.

Industry experts believe this policy may influence imported fuel prices as it takes full effect.

In October, several independent marketers also adjusted their prices after a similar decline in global crude oil rates, reflecting a gradual market correction.