Nigerian Fuel Stations Cut Prices Five Days After Dangote Refinery Rate Reduction

Fuel pump prices at Nigerian filling stations have decreased, five days following a price cut at Dangote Refinery’s gantry.

A market survey conducted by DAILY POST on Sunday morning revealed that Eterna, NIPCO, AA Rano, and Ranoil filling stations have lowered their pump prices to a range of N1,280 to N1,300 per litre, down from N1,340 per litre in Abuja and surrounding areas.

This represents a reduction of roughly N35 to N55 per litre.

Meanwhile, Nigerian National Petroleum Company Limited, NNPCL, retail outlets have not reduced their pump price, which is currently N1,335 per litre.

Earlier, DAILY POST reported that Dangote Refinery-backed MRS filling stations, on Friday, reduced their fuel price by N76 to N1,241 per litre.

The domestic fuel price reduction followed Dangote Refinery’s cut in the price of petrol at the gantry to N1,175 per litre after a global drop in crude oil prices.

Crude oil prices stood at $76 and $80 for West Texas Intermediate and Brent blends as of the time of filing this report.

It will be recalled that days after the reported completion of a peace deal with United States President, Donald Trump, Iran again shut the Strait of Hormuz, leading to a slight surge in oil prices as of Sunday morning.