Marketers React, Adjust Pump Prices as Petrol Landing Cost Drops
- Petroleum product marketers have adjusted their pump prices following the crash in petrol landing cost
- The marketers disclosed that they are expecting that Dangote Refinery and NNPC will reduce their prices in response to the landing cost
- Investigation has shown that several filling stations owned by major marketers are already implementing new prices
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Following the crash in the landing cost of imported petrol, petroleum oil marketers are anticipating further reductions by the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC).
Legit.ng previously reported that imported petrol landing cost dropped from N851.66 per litre to N797.73
Source: UGC
Dangote and NNPC to adjust pump prices
The current price is cheaper than the one sold by the Dangote Refinery at N850 per litre by its partner filling stations nationwide.
The mega refinery crashed its ex-depot prices from N825 to N815 per litre, leading to an N10 reduction at the pumps.
However, marketers have revealed that they are preparing for another price reduction by Dangote Refinery and the NNPC following the new landing cost.
Marketers expect another price slash
A source from the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) disclosed that even though marketers will incur losses, they are eagerly awaiting another round of price slashes from the two companies.
“NNPC and Dangote Refinery are competing for larger market shares. So, it does not make sense for them to sell locally refined petrol more expensive than imported products.
“So, in the coming days, many filling stations will adjust their pumps because another round of price slash is imminent,” the source said.
He lamented the incessant price crash, saying it is affecting their profit margin.
Filling stations adjust prices
Investigation shows that 11Plc, the operators of Mobile filling stations, reduced their pump prices from N870 to N865, with some selling at N869 per litre.
MRS Oil, Ardova, and Heyden, which sell Dangote petrol, adjusted their pump prices to N850 per litre following the N10 price slash by the refinery.
Meanwhile, the latest competency centre data released by the Major Energies Marketers Association of Nigeria (MEMAN) shows that petrol importers paid N797.66 to import PMS into Nigeria.
MEMAN announces new petrol landing cost
According to the dealers, the N797.66 per litre on-spot estimated import parity into tanks is considered an N20.16 reduction from the N917.82 last week.
Market watchers are expecting another price adjustment from Dangote Refinery and NNPC.
Punch reports that the MEMAN document shows that on-the-spot sales at the NPSC-NOJ terminal crashed by 797.73 per litre on Friday, March 14, 2025, while the average cost for 30 days also reduced to N851.76 from N854.15 per litre.
According to the MEMAN document, Brent crude price was benchmarked at $70.58 per barrel, from $69.88 on Friday, March 14, 2025, with an exchange rate of N1,517.93 to a dollar.
Crude oil prices rise marginally
Marketers calculated the price based on 38,000 metric tonnes.
The data noted that international petroleum product pricing is experiencing volatility due to tensions in the Middle East, China’s market dynamics, seasonal variations, production status, and global interferences.
MEMAN noted that the exchange has stabilised relatively, with minimal fluctuations seen in recent times.
Source: Getty Images
Landing cost is likely to change several times in the day due to the elements.
“Savings can be achieved through negotiations, access to foreign exchange, and logistics efficiencies, e.g., eliminating STS where possible or receiving larger cargos,” MEMAN said.
Prices may drop again as crude oil prices fall
Legit.ng earlier reported that petrol prices might drop further from the current N860 per litre sold by Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC).
This also came amid the strengthening of the Nigerian currency in the foreign exchange market.
Oil prices dropped about two per cent to a 12-week low following reports that OPEC+ would proceed with the planned oil output increase in April.
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Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng
Kola Muhammed (Copyeditor) Kola Muhammed is an experienced content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa.
