…Some Abuja filling stations reduce pump price to N1,330 per litre
…Retailers hint at possible nationwide adjustment before weekend
Some filling stations across Nigeria on Tuesday began adjusting their petrol pump prices following the recent N100 per litre reduction in gantry price by the Dangote Refinery.
Checks by Salient Times indicate that a few retail outlets in Abuja have already responded to the development by slightly lowering their pump prices.
Ranoil and Sharon filling stations were observed to have reduced their petrol prices by N20, selling at N1,330 per litre as against the previous N1,350 per litre.
However, the situation remains mixed as several other filling stations are yet to reflect the new gantry price reduction in their retail pricing.
Outlets operated by the Nigerian National Petroleum Company Limited (NNPC), MRS and AA Rano reportedly increased their pump prices earlier on Tuesday to between N1,260 and N1,330 per litre.
The increase represents a sharp rise from the approximately N1,090 per litre recorded at some of the stations on Monday.
Industry observers noted that these outlets are yet to adjust their prices in response to the latest reduction announced by the Dangote Refinery.
Meanwhile, the price of Automotive Gas Oil (AGO), popularly known as diesel, has remained unchanged in the Federal Capital Territory.
Findings showed that diesel continued to sell at about N1,780 per litre at Ranoil, AA Rano and several other filling stations in Abuja.
A manager at an MRS filling station in Abuja, who spoke on condition of anonymity, confirmed that the outlet was selling petrol at N1,260 per litre as of Tuesday evening.
The manager, however, declined to state whether the station would reduce its pump price in the coming days following the drop in Dangote’s gantry price and the decline in global crude oil prices.
Stakeholders in the downstream petroleum sector say adjustments in retail prices may occur gradually over the next few days.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said marketers are likely to respond to the development soon.
According to him, a downward price review could take place between now and the end of the week.
“An adjustment may come from now to Friday since Dangote Refinery has cut its gantry price to N1,075 per litre,” Gillis-Harry stated.
Despite the reduction, concerns have emerged over reports that the Dangote Refinery may have temporarily suspended petrol loading at its gantry since Sunday.
Industry sources say such a development could delay the immediate impact of the price cut on retail pump prices.
The refinery had earlier increased its gantry price by about N396 per litre within the last ten days before announcing the latest reduction.
On Tuesday, however, the 650,000 barrels-per-day refinery slashed the gantry petrol price by N100, bringing it down to N1,075 per litre.
Market analysts attribute the decision partly to the recent decline in global crude oil prices.
The drop in international oil prices followed signals from United States President Donald Trump suggesting a possible end to tensions surrounding the Iran conflict.
Energy experts believe sustained stability in global crude prices could lead to further reductions in domestic fuel prices if supply conditions remain favourable.
