Nigerians may soon experience a reduction in petrol prices at filling stations following a fresh price cut by Dangote Petroleum Refinery, which has reduced its gantry price from ₦1,250 to ₦1,215 per litre.

The latest adjustment represents a reduction of ₦35 per litre and is expected to influence pricing across the downstream petroleum market as fuel marketers begin purchasing supplies at the revised rate.

A market survey reported by DAILY POST on October 31 confirmed the new gantry price, while petroleum industry sources also indicated that some private depot operators were selling petrol at between ₦1,255 and ₦1,300 per litre. <Cite refs={[“turn389972search0″,”turn389972search2”]}/>

Filling station managers at outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) and MRS reportedly indicated that their pump prices could come down in the coming days.

An NNPCL filling station manager in Abuja, who spoke anonymously, told DAILY POST that the outlet expected to review its petrol price following the refinery’s adjustment.

“Our fuel price is expected to drop from this week following Dangote Refinery’s petrol price cut,” the manager said.

A manager at an MRS outlet also reportedly confirmed that a reduction was being considered.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said members of the association would reduce their selling prices once they began receiving petrol purchased at Dangote Refinery’s new rate.

“Our members would cut fuel prices as soon as we receive Dangote Refinery’s petrol from this week,” he said.

The expected adjustment comes after petrol prices remained relatively high across the country. Figures cited in the report placed retail prices at between ₦1,370 and ₦1,429 per litre at filling stations in Abuja and neighbouring areas.

However, the new gantry price does not mean motorists will immediately buy petrol at ₦1,215 per litre. Marketers must also account for transportation, distribution and operating costs when determining their pump prices.

The difference between the refinery’s wholesale price and the amount paid by motorists can therefore vary depending on the location of a filling station and its supply arrangements.

The latest reduction also comes amid movements in international crude oil prices, which remain an important factor in the cost of petroleum products.

For motorists, transport operators and businesses that depend heavily on petrol, attention will now turn to how quickly filling station operators reflect the lower wholesale price.

Although IPMAN has indicated that its members intend to adjust their prices after receiving the cheaper supplies, the actual reduction consumers will enjoy may differ between outlets.

The coming days are expected to provide a clearer picture of how the refinery’s latest pricing decision will affect petrol prices across Nigeria.