FG Pushes for Lower Fuel Prices as Dangote, Marketers Reduce Petrol Depot Rates

Nigeria's downstream petroleum sector recorded fresh price cuts on Monday as the Dangote Petroleum Refinery and several major fuel marketers reduced depot prices for Premium Motor Spirit (PMS), commonly known as petrol, and diesel.

The latest reductions come amid increased competition in the market and renewed pressure from the Federal Government for fuel prices to reflect the recent decline in global crude oil prices.

At a stakeholders' meeting organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said current petrol prices should fall in line with Brent crude prices, which have dropped below $70 per barrel.

Following the meeting, Dangote Refinery lowered its Lagos ex-depot petrol price by ₦3 per litre to ₦1,076, while keeping diesel at ₦1,500 per litre. Other major marketers, including NIPCO, Pinnacle, Sahara, AIPEC and African Terminal, also announced similar reductions in petrol prices.

Diesel prices also declined across several depots. Rain Oil, Ibeto, Duport and Ibachem reduced their diesel prices to ₦1,430 per litre, while Dangote Refinery maintained its diesel price.

Price cuts were also recorded in Port Harcourt, Calabar and Warri, where marketers adjusted both petrol and diesel prices downward in response to increased competition and improved product availability.

The Federal Government stressed that while the petroleum market remains deregulated, marketers should avoid excessive profiteering and ensure fuel prices reflect global crude oil trends.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said petrol prices could fall below ₦800 per litre once independent marketers begin sourcing products directly from the Dangote Refinery. The association added that it has already reduced pump prices by about ₦125 per litre nationwide and expects further reductions if supply costs continue to decline.

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