Quick Summary:
Petroleum marketers predict a nationwide reduction in petrol prices after imported fuel becomes cheaper than Dangote Refinery’s gantry rate of ₦799 per liter.
Petroleum products marketers have indicated that fuel prices may drop across Nigeria in the coming days following a shift in price parity between imported petrol and Dangote Refinery’s gantry price.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, revealed this in an interview with DAILY POST on Monday.
According to data from the Major Energies Marketers Association of Nigeria (MEMAN), the average cost of imported petrol is now ₦77 per liter cheaper than Dangote Refinery’s ₦799 per liter gantry price.
Dangote Refinery Urges Boycott of Coastal Petrol
Last week, Dangote Refinery issued a statement urging marketers to boycott coastal petrol, claiming it was ₦75 more expensive than its own product.
The development has created a new dilemma for marketers, as retail pump prices remain high despite the changing cost structure.
In Abuja, petrol currently sells between ₦839 and ₦905 per liter, while some Lagos filling stations have reduced prices to ₦817 per liter, lower than the ₦839 per liter charged at Dangote-backed MRS stations.
This trend suggests a possible nationwide decline in fuel prices if the current market dynamics persist.
IPMAN Predicts Nationwide Price Reduction
Maigandi said that with the current market realities and the right enabling environment, retail fuel prices are likely to drop nationwide.
He disclosed that about 80 percent of IPMAN members currently purchase petrol directly from Dangote Refinery.
He added that logistics costs remain a major factor behind regional price differences, noting that Lagos stations sell between ₦820 and ₦825, while Abuja outlets sell between ₦870 and ₦875 per liter.
Background and Market Outlook
In January 2026, Dangote Refinery raised its gantry price from ₦699 to ₦799 per liter, triggering a nationwide increase in retail petrol prices.
In December 2025, Aliko Dangote, president of the 650,000-barrel-per-day refinery, had promised to reduce fuel prices to ₦739 per liter, though most filling stations did not reflect that rate.
As of Monday evening, crude oil prices stood at $64.36 per barrel for West Texas Intermediate (WTI) and $69.15 per barrel for Brent Crude, signaling a relatively stable global oil market.