Dangote Petroleum Refinery has cut the price of petrol again, reducing its gantry price, the wholesale price at which fuel is sold to marketers, by ₦55 to about ₦1,210 per litre from ₦1,265, according to reports.
The 4.35 percent reduction was announced by marketers in a consortium linked to the refinery. Some outlets reported slightly different figures, of ₦1,215 or ₦1,220, depending on the date and product grade.
Depot prices follow
The cut has rippled through Nigeria's fuel market. By Friday, October 30, several depot owners had lowered their prices in response, and average depot prices in Lagos fell to about ₦1,259 per litre from around ₦1,300 a day earlier, according to Vanguard.
NNPC, the state oil company, also reversed a recent increase in its pump prices, according to reports.
Why prices are falling
The refinery said the cut followed a drop in the European gasoline benchmark known as EBOB, which it uses as a reference for pricing. A stronger naira, which has firmed as Nigeria's foreign reserves hit an 18-year high, also helps reduce the cost of fuel priced in dollars.
What motorists pay
The gantry price is not what drivers pay at filling stations. Pump prices include transport, marketers' margins and other costs, and they vary by city. Motorists in Abuja were still paying between about ₦1,370 and ₦1,429 a litre, according to one market survey.
Marketers usually adjust pump prices within days of a gantry cut, but the pass-through is often slower and smaller than consumers hope.
Why it matters
Fuel prices affect almost everything in Nigeria, from transport fares to food prices, because so much of the economy depends on petrol and diesel for vehicles and generators. Since the government removed fuel subsidies in 2023, prices have been set more by the market, and the Dangote refinery, Africa's largest, has become the most important price-setter.
Each cut eases pressure on household budgets, although prices remain far higher than before subsidy removal.
Sources and references
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