Petroleum products marketers have hinted that fuel prices may drop nationwide in the coming days as the parity between imported petrol fell below the Dangote refinery gantry price.
The president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this in an exclusive interview. His comments followed data from the Major Energies Marketers Association of Nigeria that showed that the average cost of imported petrol stood at N77 per liter, cheaper than Dangote Refinery’s gantry fuel at N799 per liter.
Meanwhile, Dangote Refinery, in a statement last week, had asked marketers to boycott coastal petrol, which it claimed is N75 more expensive.
The development signalled a fresh dilemma for petrol marketers. While the debate around price parity persists, the retail fuel pump price stood at N839 and N905 per liter across filling stations in Abuja.
However, checks showed that some filling stations in Lagos reduced their petrol price to as low as N817 per liter, lower than Dangote Refinery’s backed MRS filling station at N839 per liter.
The move further signaled the likelihood of a nationwide petrol price drop. Speaking on the development, Maigandi said that with the current market reality and required enabling environment, retail fuel prices may be slashed nationwide.
He noted that at least 80 percent of its members currently purchase Dangote Refinery petrol.
