Gradually, petrol stations have started adjusting their petrol pump prices following Dangote’s decision to slash its ex-depot pricesPrivate depots have also reduced their costs of petrol, aviation fuel, and diesel following the drop in crude oil pricesThe improvement in the naira exchange rate has also been a factor leading to the reduction in fuel prices at depots
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Some filling stations have started adjusting the price of Premium Motor Spirit, commonly known as petrol.
Checks by Henzodaily.ng show that filling stations have revised their pump prices downwards to as low as N940 per litre, following the decision by the Dangote refinery and private depots to reduce ex-depot prices.
Fuel prices reduce slightly at filling stations
Photo credit: Bloomberg/contributor
Source: Getty Images
Dangote Refinery reduced its ex-depot prices for marketers from N950 per litre to N890, effective February 1, 2025.
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Private depots crash petrol price by N27 after Dangote’s Refinery decision
The Dangote statement reads:
“Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.”
Days later, private depot owners reacted to Dangote’s decision and revised their selling prices to between N925 and N935 per litre, down from the previous average price of N960.
According to Punch, some of the updated depot prices for marketers are:
DepotOld PriceNew priceNIPCON952N935ChipetN945N935AiteoN942N925WosbabN947N930Rain Oil N947N935Matrix (Warri)N970N960AYM Shafa (Warri)N960N960Zone 4 (Calabar) N958N950Alkanes (Calabar)N949Northwest (CalabarN950
Filling stations adjust prices
Although many filling station owners still have their pumps set at around N1,050, some others have made changes.
Two Mobil filling stations and Matrix, which were visited, reduced their prices from N1,050 to N975 per litre.
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Ardova offers a cheaper rate, selling at N940 per litre.
A manager, who identified himself as Kunle at one of the filling stations still selling at N1,010, told Henzodaily.ng that there has been no instruction yet to adjust prices.
“We still have old stock. I believe when we buy again, our prices will be reduced.”
Meanwhile, Billy Gillis-Harry, the president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) recently explained that many filling stations will find it challenging to adjust to the new price.
According to him filling stations had bought products at the old price.
He however urged marketers to ensure that buying at the new rate from Sunday, February 2, 2025, should ensure that the new rate is reflected on the pumps.
10 states with the lowest petrol prices in Nigeria
Ealier, Henzodaily.ng reported that the National Bureau of Statistics has revealed what Nigerians paid for petrol in December 2024.
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Two refineries in Nigeria resume petrol sale after Dangote slashed price
The bureau indicated that a litre of petrol was sold at an average price of over N1,100 across the country.
The states where residents pay the lowest petrol prices in the country include Oyo, Abuja, and Ogun.
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Source: Henzodaily.ng