Fuel Prices Reduced by Filling Stations As Expert Predicts Further Drop in June, July

 


Several filling stations in Lagos, Abuja, and other parts of Nigeria have made fresh petrol price adjustments The latest changes are linked to the appreciation of the naira against the US dollar, resulting in greater stability in the foreign exchange market Bismarck Rewane has predicted a further price reduction in June and July due to the improved market stability. Filling stations in Nigeria are expected to lower their prices in June and July in response to shifting market dynamics and a stronger naira. 

Already, major oil marketers, including the Nigerian National Petroleum Company Limited (NNPCL) in Lagos and Abuja, have made adjustments to their petrol prices as part of efforts to remain competitive and attract customers. Filling stations reduced fuel prices Checks show that in Abuja shows petrol pump prices have dropped by at least N10 per litre as at Friday, June 6.

Major marketers such as Ranoil, Shafa, and AA Rano are now selling petrol at N900 per litre, down from N910. While Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery partners, including MRS, AP Ardova, Optima, and Bovas, are currently dispensing fuel at between N895 per litre in Abuja. In Lagos, NNPC fuel stations is selling at N870 per litre, similar prices are seen at AP, Optima and other Dangote partners. 

While Mobil, Matrix, Petrocam and other marketers are selling at N875 per litre, Total Energies stations are offering fuel to motorists at N873, New fuel prices are expected in June and July. The Financial Derivatives Company (FDC), led by economist Bismarck Rewane, has projected that the price of Premium Motor Spirit (PMS) could drop to N845 per litre, while diesel may trade at around N950 per litre in its outlook for June and July. The forecast follows a modest but steady appreciation of the naira and growing competition in the downstream oil sector. Also, energy experts are projecting that both NNPCL and Dangote Refinery may announce another round of price reductions after the Eid al-Adha celebration to maintain their competitive edge.

The expert remarked. "With depot prices aligning closely with Dangote Refinery's N825 per litre gantry price, there's optimism for additional reductions." Billy Gillis-Harry, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), acknowledged the dynamics at play, noting that these reductions are essential for remaining competitive in the domestic market. He said: "Importing petrol at competitive global rates necessitates these price adjustments. Healthy competition benefits consumers and drives sectoral efficiency." 

Dangote Refinery operations influence petrol price Dangote Refinery plays a pivotal role in influencing fuel prices in Nigeria due to its significant capacity and market position, says Wale Ogundeji, an energy analyst. He said: "Its operations reduce Nigeria’s dependence on imported refined products, allowing for more competitive pricing within the domestic market. With its refinery's ability to produce large volumes of petrol and diesel locally, Dangote Refinery helps mitigate supply shortages, which can cause price volatility. "Furthermore, the refinery’s price-setting strategy aligns closely with global market trends, influencing local pump prices. Its current gantry price of N825 per litre sets a benchmark, prompting competitors to adjust their prices accordingly. This competitive pressure fosters price reductions, benefiting consumers."



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