Nigerians could see relief at the pumps in the coming days, as fuel marketers weigh a price reduction following Dangote Refinery’s latest price cut and a planned government meeting with industry stakeholders.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that the Federal Government will meet with refiners, depot owners, marketers, and retailers on Tuesday to agree on more competitive fuel pricing, in line with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act. The meeting comes after pump prices climbed to between N1,395 and N1,450 per litre in Abuja and other parts of the country.
The price pressure eased somewhat after global crude oil benchmarks fell more than 3%, with Brent and WTI dropping to roughly $100.50 and $92.43 per barrel. In response, Dangote Refinery cut its gantry price by N25 to N1,325 per litre on Monday, breaking a more than two-week streak of rising fuel prices in Nigeria.
With the refinery’s price now lower, marketers may follow suit in the days ahead, especially after Tuesday’s consultation with regulators.
PETROAN President: N500 Per Litre “Not Possible”
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), told reporters that stakeholders are open to a price cut but ruled out the N500-per-litre figure demanded by civil servants’ unions, calling it unrealistic given current market conditions.
He said retailers would prioritize Nigerians’ interests without operating at a loss, and suggested that anyone insisting on N500 per litre should consider building their own refinery, securing logistics, and running their own retail outlets to sell at that price.
The pricing dispute follows a formal request from the Joint National Public Service Negotiating Council to President Bola Tinubu, asking the government to either cut pump prices to N500 per litre or raise the minimum wage to N500,000.
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