Despite the decline, consumers continue to pay significantly higher prices at filling stations. Pump prices remained around N915 per litre on Thursday, with some outlets, including the Nigerian National Petroleum Company Limited, charging as much as N928. Dangote refinery partners such as Heyden and MRS have kept prices above N920, reflecting the refinery’s ex-depot price of N977 per litre.
MEMAN data shows that the landing cost of imported petrol has gradually eased over the past two weeks—from N849.61 on October 13 to N839.97 on October 21—while Dangote refinery’s gantry price surged from N820 to N877 without prior notice. Many Nigerians had expected Dangote to lower pump prices to N841, as promised during the launch of its compressed natural gas-powered trucks on September 15.
Depot owners and importers have expressed frustration, with some accusing Dangote of using aggressive pricing strategies to undermine competitors. Olufemi Adewole, Executive Secretary of the Depot and Petroleum Product Marketers Association of Nigeria (DAPPMAN), said the refinery’s price cuts, though often framed as patriotic, create market shocks that hurt other marketers and domestic customers.
“While we welcome the Dangote refinery as a major infrastructure project, its contribution covers only about 30 to 35 per cent of national demand. The remainder continues to be supplied by responsible petroleum marketers under strict regulatory oversight,” Adewole said.
The surge in pump prices comes despite stable crude oil prices and a strengthening naira. Brent crude, which traded above $80 per barrel earlier in the year, has recently fallen to around $61 per barrel, while the naira has strengthened from about N1,700 to $1 in the first quarter to roughly N1,470 today.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has blamed depot owners for the high prices, accusing them of raising costs despite receiving payments from the Dangote refinery weeks ago. Filling stations have subsequently adjusted pump prices to align with the higher depot rates, deepening confusion among consumers already grappling with rising living costs.