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Fuel marketers across Abuja have started reducing the pump price of Premium Motor Spirit (PMS), following a continued fall in the landing cost of petrol, which has now dropped below the ex-depot price of the Dangote Refinery.
According to Daily Post, a market survey conducted on Wednesday revealed that major operators, including NIPCO, AA Rano, Eterna, and Empire Energy, have adjusted their retail prices downward in response to market realities.
At NIPCO and AA Rano outlets, petrol now sells for ₦940 per litre, down from the previous ₦950 to ₦955 range.
Similarly, Eterna and Empire Energy stations have reduced their prices to ₦945 and ₦955 per litre, respectively, reflecting a decrease of between ₦4 and ₦10 per litre in some parts of the capital city.
In comparison, Nigerian National Petroleum Company Limited (NNPCL) retail stations had earlier reviewed their price to ₦945 per litre, while others like MRS (Dangote Petrol) and Ranoil maintained their pump prices at ₦950 and ₦955 per litre as of Thursday morning.
An MRS manager in Abuja, who preferred not to be named, said, “We are aware of the market adjustments and may reduce our price later today, but for now, we’re still selling at ₦950 per litre.”
The adjustment comes amid data from the Major Energy Marketers Association of Nigeria (MEMAN), which showed that as of November 3, 2025, the landing cost of petrol had dropped to ₦827.04 per litre, down from ₦829.77 recorded in October.
Further analysis showed that the ex-depot prices from key depots such as Dangote Refinery and Pinnacle stand at ₦872 per litre, while others like NIPCO, BOVAS, Aiteo, and AA Rano offer slightly lower rates at ₦870 per litre.
This means that Dangote’s product remains about ₦2 higher than most other depots.
Industry experts explained that the current market adjustment was inevitable due to the widening gap between the landing cost and the refinery’s ex-depot rate.
“Once the landing cost drops below the refinery’s benchmark, retailers are naturally compelled to adjust prices to stay competitive,” said an energy analyst based in Abuja.
However, the federal government’s recent decision to impose a 15 per cent import duty on petrol and diesel has raised fresh concerns among importers.
President Bola Ahmed Tinubu approved the new duty rate in a move aimed at promoting local refining and supporting the Dangote Refinery’s growth.
Marketers, however, warn that the new policy could push up the price of imported fuel in the coming weeks.
“If the duty is implemented fully, imported petrol will become more expensive, which could offset the current relief consumers are enjoying,” a senior marketer told reporters.
With the ongoing adjustments and government interventions, analysts say Nigeria’s downstream sector is entering a new phase where local production, taxation, and international market trends will continue to determine pump prices across the country.