Fuel prices drop at Nigerian filling stations after Dangote cut

Nigerian filling stations have finally reduced their fuel pump price, five days after Dangote Refinery’s gantry price cut.

A market survey on Sunday morning showed that Eterna, NIPCO, AA Rano and Ranoil filling stations have all dropped their fuel pump price to between N1,280 and N1,300, from N1,340 per litre in Abuja and environs.

This means that the aforementioned filling stations cut their fuel pump price by about N35 and N55 per litre.

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Meanwhile, Nigerian National Petroleum Company Limited, NNPCL, retail outlets have not reduced their pump price, which is currently N1,335 per litre.

Earlier, it was reported that Dangote Refinery-backed MRS filling stations, on Friday, reduced their fuel price by N76 to N1,241 per litre.

The domestic fuel price reduction followed Dangote Refinery’s cut in the price of petrol at the gantry to N1,175 per litre after a global drop in crude oil prices.

Crude oil prices stood at $76 and $80 for West Texas Intermediate and Brent blends as of the time of filing this report.

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It will be recalled that days after the reported completion of a peace deal with United States President, Donald Trump, Iran again shut the Strait of Hormuz, leading to a slight surge in oil prices as of Sunday morning.