Nigeria’s downstream petroleum sector saw fresh price cuts on Monday as Dangote Refinery and major marketers lowered depot prices for petrol and diesel, amid mounting pressure from the Federal Government.
Dangote Refinery trimmed its Lagos ex-depot petrol price by N3 to N1,076 per litre, holding diesel steady at N1,500. Other depots followed suit: NIPCO cut petrol to N1,076, Pinnacle to N1,075, while Sahara, AIPEC, and African Terminal all moved to N1,075 per litre.
Diesel prices also eased, with Rain Oil, Ibeto, Duport, and Ibachem cutting to N1,430 per litre.
Outside Lagos, reductions were steeper. In Port Harcourt, Matrix cut petrol by N8 to N1,087 and slashed diesel by N55 to N1,465 the day’s biggest diesel cut.
Calabar and Warri depots saw similar declines.
The cuts follow a stakeholders’ meeting convened by the NMDPRA, where Minister of State for Petroleum Resources Heineken Lokpobiri argued pump prices hadn’t fallen in step with crude oil, which he noted was now trading below $70 per barrel.
NMDPRA chief Rabiu Umar said deregulation “is not a licence for market distortion,” pointing to past success easing LPG prices through similar talks.
IPMAN National President Abubakar Garima said the association has already cut prices by about N125 per litre nationwide and expects petrol to fall below N800 per litre as independent marketers begin sourcing directly from Dangote Refinery.
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