Filling Stations Reduce Fuel Prices as Landing Cost Drops

Fuel prices have started dropping across several filling stations in Abuja as the landing cost of petrol continues to fall below Dangote Refinery’s ex-depot price.

Checks by POLITICS NIGERIA on Wednesday showed that major marketers, including NIPCO, AA Rano, Eterna, and Empire Energy, have adjusted their pump prices downward.

NIPCO and AA Rano now sell petrol at N940 per litre, down from the previous price range of N950 to N955.

Eterna and Empire Energy outlets also reviewed their prices to N945 and N955 per litre, reflecting a reduction of between N4 and N10 per litre.

Meanwhile, NNPC retail outlets in Abuja have also adjusted their pump price to N945 per litre, a move that aligns with recent market trends.

However, some stations like MRS (Dangote Petrol) and Ranoil have kept their prices unchanged at N950 and N955 per litre.

A station manager who spoke under anonymity said, “We may reduce our price in the evening or so, but at the moment we still dispense fuel at N950 per litre.”

The latest price changes come after the Major Energy Marketers Association of Nigeria released fresh data showing a further decline in the landing cost of petrol to N827.04 per litre, down from N829.77 recorded at the end of October.

Depot prices have also dropped slightly. Dangote Refinery’s ex-depot rate remains N872 per litre, while NIPCO, AA Rano, BOVAS, and Aiteo are selling at N870 per litre.

This means the refinery’s price is about N2 higher than other major depot owners.

With the current figures, the landing cost of petrol at N827.04 per litre is now N44.96 cheaper than Dangote Refinery’s ex-depot price.

The reduction comes shortly after President Bola Ahmed Tinubu approved a 15 per cent import duty tax on petrol and diesel to promote local refining and support Dangote Refinery’s operations.

Industry players say the decision could affect imported fuel prices once the policy takes full effect in the coming days.

Recall that in October, some independent marketers had also adjusted prices after a similar drop in global crude prices, signaling a gradual market correction.