Nigerians are expected to see a reduction in petrol prices from Friday following a price cut by Dangote Refinery, which lowered its gantry price to ₦1,200 per litre.
The refinery on Thursday reduced its price by ₦85, or 6.6 per cent, from ₦1,285 per litre, undercutting depot prices that ranged between ₦1,240 and ₦1,255 per litre.
The adjustment is likely to trigger a drop in retail pump prices by between ₦50 and ₦70 per litre, with prices projected to settle around ₦1,291 to ₦1,311 at major filling stations nationwide.
The move comes amid a slight easing in global crude oil prices, with Brent crude trading at about $107 per barrel and West Texas Intermediate at $93, after earlier declines below $100 during the week.
Industry stakeholders say marketers sourcing products from Dangote Refinery are expected to adjust their pump prices accordingly.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that members would revise retail prices to reflect the new cost.
Some filling station operators, including MRS, said they are awaiting updated pricing templates from their headquarters before implementing changes.
The latest price reduction follows weeks of sharp increases driven by global supply disruptions linked to tensions involving Iran, the United States, and Israel, which pushed domestic fuel prices above ₦1,360 per litre in parts of the country.
Dangote Refinery has adjusted its petrol prices multiple times in recent weeks, contributing to fluctuations in retail fuel costs nationwide.
Analysts say the latest cut could offer temporary relief to consumers, although prices remain significantly higher than earlier levels recorded in March.
