Oil marketers in Nigeria are optimistic about further reductions in petrol prices, with current rates ranging between N935 and N965 per litre across the country.
This follows President Bola Ahmed Tinubu’s firm stance on fuel subsidy removal, a policy he defends as necessary to secure Nigeria’s economic future.
Currently, Dangote Refinery has partnered with MRS filling stations to lower its pump price to N935 from an earlier N1,060 per litre, prompting the Nigerian National Petroleum Company Limited (NNPCL) to follow suit, cutting its price from N1,040 to N965 per litre. Checks reveal that NNPCL outlets along the Kubwa Expressway in Abuja now sell petrol at N965, while MRS outlets in the same area offer it at N935, creating competitive price dynamics.
Reacting to this development, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), expressed confidence that the reduction trend will extend nationwide. He stated that the current pricing reflects the benefits of deregulation, adding, “In the coming days, petrol prices could drop even further below N935 per litre as competition among players increases.”
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), echoed this sentiment, emphasizing that the ongoing price reductions demonstrate the market-driven nature of a deregulated petroleum sector. He noted that market forces, particularly demand and supply dynamics, are shaping price trends and that further reductions are likely as competition intensifies.
Meanwhile, President Tinubu, during his first Presidential Media Chat, reiterated his resolve on subsidy removal, stating that the decision was necessary to prevent long-term financial disaster for Nigeria. He criticized phased removal approaches and defended his administration’s swift action, saying, “We were spending our future and deceiving ourselves. It’s time to manage our resources within our means and ensure sustainable growth for future generations.”
Tinubu also acknowledged the backlash from smugglers and other critics but maintained that the policy is aimed at fostering fiscal responsibility. He encouraged Nigerians to embrace resource management while promising to address challenges through structural reforms.
In response, PETROAN urged the federal government to consider its N100 billion intervention request, which it believes will significantly lower the landing cost of petrol nationwide. Gillis-Harry also called for transparency in implementing the “crude-for-naira” policy and stressed the importance of fast-tracking the Compressed Natural Gas (CNG) initiative to provide alternative energy solutions.
Ukadike added that IPMAN would support any policy by the Tinubu administration that alleviates the economic burden on Nigerians. He concluded, “Policies that reduce petrol prices and ease hardships will always have our full backing.”
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