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- There are changes successful petrol prices astatine depots nationwide arsenic lipid marketers propulsion to seizure a portion of the marketplace share
- Nigeria presently operates a regulated petroleum market, which allows for price-setting based connected marketplace dynamics
- NNPC Limited and retail partners of Dangote Petroleum Refinery person besides adjusted their petrol pump prices
Legit.ng writer Dave Ibemere has implicit a decennary of acquisition successful concern journalism, with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
Nigeria's petroleum industry, six large depot owners person announced reductions successful the prices of Premium Motor Spirit (PMS), commonly known arsenic petrol.
Source: Getty Images
Vanguard reports that notable players, including Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde slashed their depot prices.
Emadeb led the complaint by lowering its price from N903 per litre to N827 per litre, portion First Royal adjusted theirs from N828 per litre to N826 per litre.
Similarly, MENJ, Aiteo, Pinnacle, and Hyde reduced their prices to N826, N825, N850, and N868 per litre, respectively, down from their erstwhile rates.
According to Petroleumprice.ng, these reductions travel arsenic planetary crude lipid prices stay comparatively low, hovering astir $65 per barrel.
Industry analysts expect further drops successful depot prices over the adjacent fewer weeks, driven by these favourable marketplace conditions.
An anonymous manufacture adept suggested that attraction is present turning to the gantry terms of the Dangote Petroleum Refinery, hinting astatine a imaginable downward reappraisal successful effect to the progressively competitory pricing.
The adept remarked.
"With depot prices aligning intimately with Dangote Refinery's N825 per litre gantry price, there's optimism for further reductions."Dr. Billy Gillis-Harry, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), acknowledged the dynamics astatine play, noting that these reductions are indispensable for remaining competitory successful the home market.
He said:
"Importing petrol astatine competitory planetary rates necessitates these terms adjustments. Healthy contention benefits consumers and drives sectoral efficiency."
Source: UGC
More simplification expected
Meanwhile, Dangote Petroleum Refinery & Petrochemicals reaffirmed its committedness to terms stableness contempt planetary crude fluctuations.
Anthony Chiejina, the Group Chief Branding and Communications Officer, underscored the refinery's ongoing efforts to enactment the Nigerian economy.
In a connection released, Dangote Group said:
"Dangote Petroleum Refinery has consistently worked to trim the prices of petrol and different refined petroleum products, ensuring the continued payment of Nigerian consumersWe stay steadfast successful its committedness to ensuring a dependable proviso of premium-quality petroleum products, with capable reserves to conscionable home demand, on with a surplus for export."NNPC announces petrol terms N10 beneath Dangote’s rate
Earlier, Legit.ng reported the Nigerian National Petroleum Company Limited’s (NNPCL) reduction successful the terms of petrol.
On Easter Monday, April 21, 2025, the NNPC directed its filling stations successful Lagos to trim the pump terms from N910 to N880 per litre, portion successful Abuja, the petrol terms dropped from N950 per litre to N935.
The determination by NNPC comes soon aft the Dangote refinery lowered its ex-depot terms from N865 to N835 per litre, prompting adjustments successful retail prices by its partners specified arsenic MRS, Heyden, Optima Energy, TechnOil and Ardova.
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Source: Legit.ng
