Relief may be coming to the pump as fuel prices in Nigeria are expected to drop due to market competition.
There is a glimmer of hope for motorists and businesses across Nigeria as petroleum markers hint at a potential reduction in fuel prices.
This comes after new data revealed that the cost of imported petrol has fallen below the price set by the Dangote Refinery.
According to Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the market is currently seeing a shift.
Currently, imported petrol is roughly ₦77 cheaper per liter than the ₦799 "gantry price" offered at the Dangote plant.
While Dangote recently urged marketers to ignore imported fuel, claiming it was more expensive, the reality on the ground suggests otherwise.
In Lagos, some filling stations have already started slashing prices to as low as ₦817 per liter. This is even cheaper than some stations backed by major refinery partners.
However, the price drop hasn’t hit everyone equally yet. In Abuja, prices still hover between ₦839 and ₦905.
Maigandi explained that the difference is largely due to the high cost of transporting the product from the coast to the hinterlands.
To help lower costs, the Dangote Refinery is offering discounts of up to ₦25 per liter for marketers who buy in massive volumes. Currently, about 80% of IPMAN members are sourcing their stock directly from the refinery.
The big takeaway for Nigerians? Competition is finally kicking in. As more refineries come online and imports continue to compete with local production, the "monopoly" feel of the market is fading.
If this trend holds, petrol prices could see a significant downward trend across the entire country very soon.
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