The pump prices of Premium Motor Spirit, PMS, also known as petrol, and Automotive Gas Oil, AGO, commonly known as diesel, are expected to drop by up to N50 and N80 per litre, respectively, in the coming days.
This follows Dangote Refinery’s decision on Wednesday to reduce its gantry prices for petrol and diesel by N50 and N80, bringing them down to N1,165 per litre and N1,570 per litre, respectively.
Reacting to the development, the President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Abubakar Maigandi, told DAILY POST that the impact of Dangote Refinery’s latest fuel price reduction would be reflected in the retail pump prices of petrol and diesel by the weekend or Monday.
“Petrol pump prices will drop further as soon as we begin lifting fresh products under Dangote Refinery’s new pricing template,” he told DAILY POST.
A manager at an MRS filling station in Abuja, who preferred anonymity, said the retail outlet might reduce its petrol pump price by N50, from N1,265 to N1,215 per litre, from this weekend or Monday.
“Our filling stations may reduce the petrol price to N1,215 per litre from this weekend or Monday,” he told DAILY POST.
DAILY POST reports that the current pump prices of petrol and diesel range between N1,265 and N1,310 per litre and N1,700 and N1,800 per litre, respectively, in Abuja and its environs.
Recall that persistent volatility in global crude oil prices has continued to impact domestic fuel prices across the world.
Checks by DAILY POST showed that Brent and West Texas Intermediate, WTI, crude prices declined to $79 and $74 per barrel, respectively, at the time of filing this report, amid speculation of a possible deal between Iran and the United States over the Strait of Hormuz.
Fuel, diesel pump prices to drop further in Nigeria – Marketers