Nigeria: Consumers still face high petrol costs despite Dangote cut

By Zuleihat Owuiye, Mamos Nigeria

Despite Dangote Petroleum Refinery reducing its petrol price by ₦100 per litre to ₦1,075, oil marketers are yet to pass on the benefits to consumers, with prices remaining as high as ₦1,300 per litre in some areas.

The reduction is attributed to the drop in crude oil prices to $88 per barrel from $110 per barrel, following President Donald Trump’s declaration that the US-Iran war would soon end. However, transporters and commuters are still feeling the pinch, calling on the Midstream and Downstream Petroleum Regulatory Authority to intervene.

In Abuja, NNPC retail outlets reduced their price to ₦1,161 per litre, while AA Rano and AYM Sharfa dropped theirs to ₦1,230 per litre. Depot prices range from ₦1,190 to ₦1,220 per litre.

The Executive Director of the Centre for Promotion of Private Enterprises, Dr Muda Yusuf, praised Dangote Refinery for meeting domestic demand and urged the government to encourage domestic refining.