Nigerian filling stations slash petrol prices again

Filling stations across Abuja have reduced petrol prices to between N1,205 and N1,240 per litre, just two days after Dangote Refinery cut its gantry price to N1,075 per litre — its fourth price reduction in four weeks — according to a market survey by DAILY POST.

Dangote moves, and the market follows.

Barely 48 hours after Dangote Refinery slashed its petrol gantry price to N1,075 per litre on Thursday, filling stations across Abuja and its environs have adjusted their pump prices downward, a market survey conducted by DAILY POST on Saturday confirmed.

Retail outlets including AA Rano, Ranoil and the Nigerian Independent Petroleum Company are now selling petrol at between N1,205 and N1,240 per litre — down from N1,300.

The latest reduction is Dangote Refinery’s fourth price cut in four weeks, driven by falling global crude prices currently sitting at approximately $68 per barrel for West Texas Intermediate and $72 for Brent crude.

Dangote Refinery-backed MRS Filling Stations and the state-owned Nigerian National Petroleum Company Limited (NNPCL) had already moved ahead of the wider market, adjusting their Abuja prices to N1,191 per litre and N1,210 per litre respectively — signalling the broader price slide that independent retailers have now followed.

The consecutive reductions mark a notable shift in Nigeria’s downstream petroleum sector dynamics, with Dangote Refinery’s pricing clearly influencing market behaviour across competing retail outlets in the capital.

However, despite the series of price cuts, petrol has yet to return to the sub-N1,000 per litre levels that prevailed before the escalation of conflict in the Middle East drove global crude prices sharply higher and triggered corresponding increases at Nigerian pumps.

The gap between current pump prices and pre-conflict rates remains significant, even as the trend across recent weeks points consistently downward following Dangote Refinery’s repeated gantry price adjustments in response to global crude market movements.

Whether prices will continue declining toward the N1,000 threshold in the coming weeks will depend on the trajectory of global oil prices and the refinery’s subsequent pricing decisions.