Petroleum products marketers have hinted at a possible nationwide reduction in fuel prices following a shift in price parity, with imported petrol now selling below the Dangote Refinery gantry rate.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, disclosed this in an interview with DAILY POST on Monday, citing recent data from the Major Energies Marketers Association of Nigeria (MEMAN).
According to the data, imported petrol is currently about ₦77 per litre cheaper than Dangote Refinery’s gantry price of ₦799 per litre. This contrasts with claims by Dangote Refinery last week, which urged marketers to boycott coastal petrol, alleging it was ₦75 more expensive.
The emerging price disparity has placed marketers in a fresh dilemma over sourcing decisions.
Despite the ongoing debate, retail petrol prices in Abuja remain between ₦839 and ₦905 per litre. However, DAILY POST checks revealed that some filling stations in Lagos have reduced prices to as low as ₦817 per litre—below the ₦839 per litre sold at Dangote-backed MRS stations—signalling the possibility of a broader price cut nationwide.
Commenting on the development, Maigandi said current market realities, if supported by an enabling environment, could lead to lower fuel prices across the country.
He disclosed that about 80 per cent of IPMAN members currently source petrol directly from the Dangote Refinery, noting that logistics and volume-based discounts largely determine price differences.
“The price depends on volume and distance. Those buying over two million litres get a ₦20 per litre discount, while purchases of five million litres and above attract a ₦25 discount,” he said.
“In Lagos, petrol sells between ₦820 and ₦825 per litre, while in Abuja it goes for ₦870 to ₦875 due to transportation costs,” Maigandi explained.
He added that increased competition—through additional local refineries and imports—would naturally drive prices down further.
“Right now, we effectively have one refinery. Once more refineries come on stream and imports increase, prices will drop again,” he said, while commending Dangote Refinery for its contribution to domestic supply.
Recall that in January, Dangote Refinery raised its gantry price from ₦699 to ₦799 per litre, triggering a nationwide increase in pump prices. In December 2025, refinery owner Aliko Dangote had pledged to crash fuel prices to ₦739 per litre, a target that most filling stations have yet to meet.
Meanwhile, as of Monday evening, global crude oil prices stood at $64.36 per barrel for West Texas Intermediate (WTI) and $69.15 per barrel for Brent crude.
