Checks by our correspondents on Wednesday revealed that major marketers, including NIPCO, AA Rano, Eterna, and Empire Energy, have adjusted their pump prices downward in response to market dynamics.
At various outlets, NIPCO and AA Rano now sell petrol at ₦940 per litre, down from between ₦950 and ₦955, while Eterna and Empire Energy reduced their prices to ₦945 and ₦955, respectively. This translates to a reduction of between ₦4 and ₦10 per litre across several retail stations.
Similarly, NNPCL retail outlets in Abuja have adjusted their pump price from ₦955 to ₦945 per litre, in line with the latest market trend.
Some Marketers Yet to Adjust
Despite the reduction, several other fuel stations, including MRS (Dangote Petrol) and Ranoil, maintained prices between ₦950 and ₦955 per litre as of Thursday morning.
An MRS station manager who spoke on condition of anonymity said a review might occur soon:
“We may reduce our price in the evening or so, but at the moment we still dispense fuel at ₦950 per litre.”
Market Dynamics and Cost Breakdown
Data released by the Major Energy Marketers Association of Nigeria (MEMAN) on November 3, 2025, showed that the landing cost of petrol dropped to ₦827.04 per litre, compared to ₦829.77 recorded at the end of October.
Further checks revealed that Dangote Refinery’s ex-depot price stood at ₦872 per litre, making it ₦44.96 more expensive than the prevailing landing cost. In comparison, private depot operators such as NIPCO, AA Rano, BOVAS, Aiteo, and Pinnacle sold petrol at around ₦870–₦872 per litre, with Dangote’s rate slightly higher by about ₦2.
The decline in landing cost has been attributed to favourable forex movements and lower international crude prices, giving marketers room to adjust retail prices.
Policy Backing and Industry Implications
The price reductions come shortly after President Bola Ahmed Tinubu approved a 15 per cent import duty on petrol and diesel, a policy aimed at supporting Dangote Refinery’s competitiveness and discouraging overreliance on imported fuel.
However, industry analysts warn that the new duty, once fully implemented, could raise the retail price of imported petrol in the coming days, potentially reversing some of the recent price relief.
For now, consumers in Abuja are seeing minor relief at the pumps, even as market watchers anticipate further adjustments in line with fluctuations in global oil prices, exchange rates, and local refinery output.