Dangote Refinery-Backed Marketers Cut Petrol Prices to N1,264

Marketers operating under the Dangote Refinery have slashed petrol prices to N1,264 per litre, offering relief to Nigerians grappling with high fuel costs. This reduction is attributed to intensified competition among the refinery's 37 consortium members, which has prompted independent depot operators to reassess their pricing strategies.

According to Petroleumprice.ng, the price cuts follow changes in the refinery's trading structure, which grants marketers more flexibility in setting prices. Ardova and Aiteo are currently selling Premium Motor Spirit (PMS) at N1,264 per litre, while NIPCO is pricing it at N1,265 per litre.

The competitive landscape has led to some marketers enjoying a margin of approximately N50 per litre between purchase and resale prices. The revised trading model utilizes the European gasoline benchmark, EBOB, allowing consortium members to adjust prices in response to market conditions.

Although the reductions signal positive changes, actual savings at filling stations may vary due to transportation costs and individual pricing decisions.