Petrol landing cost drops to N1,239.92 as Dangote marketers cut gantry price to N1,220

Nigeria’s petrol landing cost has fallen to N1,239.92 per litre, while marketers linked to Dangote Refinery have cut their gantry price to N1,220 per litre. The moves raise the prospect of lower wholesale and pump prices, though filling stations may not pass the relief to motorists immediately.

The spot landing cost stood at N1,239.92 per litre on October 30, below the 30-day average of N1,289.36, according to import parity data from the Major Energy Marketers Association of Nigeria (MEMAN). The figure was down N49.44 or 3.84%, reflecting a lower estimated cost of bringing petrol into Nigeria. Under the NPSC-NOJ benchmark, the spot landing cost was slightly lower at N1,238.91 per litre.

Dangote consortium cuts gantry price

Dangote Refinery’s consortium marketers reduced their petrol gantry price from N1,265 to N1,220 per litre. The cut amounts to N45 or 3.56%. The adjustment has increased pressure on independent depot operators, with several reviewing prices to stay competitive.

In Lagos, depot prices that averaged about N1,300 per litre on Thursday fell on Friday, October 30. African Terminal, Integrated, Rainoil, Ardova and Nipco quoted N1,260 per litre, while Aiteo offered the product at N1,255. The six reported price entries averaged N1,259.17 per litre, down N40.83 or 3.14% from the previous day’s average.

NNPC pump prices already lower

The Nigerian National Petroleum Company (NNPC) Limited had earlier reduced its petrol pump price by N10 per litre in Lagos, bringing the rate to N1,355 from N1,365. That was a 0.73% decrease and reversed the previous week’s increase. In Abuja, NNPC filling stations are selling petrol at N1,405 per litre, down from N1,410.

The latest landing cost and wholesale price movements could give filling stations room to cut pump prices. But the size of any reduction will depend on how quickly retailers adjust selling prices, alongside transportation, distribution and operating expenses. Lower depot prices do not automatically translate into immediate reductions at filling stations.

What it means for motorists and businesses

For motorists, the fresh price cuts offer a potential reprieve from high fuel costs, though the relief may take time to reach the pump. Competition among refiners, consortium marketers and independent depot operators will remain a key factor in petrol pricing in the coming days. For businesses, lower landing and wholesale costs could ease transport and distribution expenses if retailers pass on the savings.