MRS, Ardova, Hyden Filling Stations Sell at Cheaper Rates Than NNPC As New Fuel Price Emerges
- The Dangote Petroleum Refinery and Petrochemicals has reviewed its ex-depot (gantry) loading cost of petrol
- The new price means that petrol pump prices across filling stations are set to be reduced in the coming days
- The price changes are expected mostly at Dangote Petroleum Refinery's partners, which include Hyden and Ardova
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Oil marketers with special agreements with Dangote Refinery are now expected to sell their petrol to Nigerians at N910.
This follows the refinery has decision to reduce the loading cost of petrol to N867 per litre, N15 less than the previous price of N880.
Source: Getty Images
NewsTelegraph reports that the partners MRS Oil, Ardova Plc, and Hyden Energy received the instruction to adjust prices from N930 to N910 on Thursday, April 10.
If the new prices are implemented, Nigerians will now be able to buy from the Dangote partners at a cheaper rate than the N920 per litre offered by the Nigerian National Petroleum Company (NNPC) Limited retail stations in Lagos.
Petrol prices in Nigeria
The price reduction followed a meeting on Tuesday between representatives of the Dangote Refinery and the Minister of Finance, Wale Edun.
At the end of the meeting, the government reaffirmed that the naira-for-crude initiative remains in effect, describing it as a “key policy directive designed to support sustainable local refining,” rather than a temporary measure.
The government further stated that the initiative would continue immediately, effectively overruling the earlier decision by the Nigerian National Petroleum Company Limited (NNPCL) under its former Group Chief Executive Officer, Mele Kyari, which had suspended the programme.
Naira-for-crude resumption: What Nigerians should expect
The resumption of naira-denominated crude sales, experts believe, could help maintain or even lower fuel prices by reducing reliance on dollar-based transactions, if implemented effectively.
With Dangote Refinery now operating at 80% capacity, it could meet up to 70% of Nigeria’s refined product demand.
However, any disruption in crude supply or refining could lead to shortages and push prices back up. Nigerians should be prepared for potential volatility, especially if global oil prices continue to decline, which could reduce the incentive for local refiners to sell in naira.
The resumption of the naira-for-crude initiative is also expected to offer Nigerians some relief from the high cost of dollar-denominated imported fuel.
Fuel hike forces Adamawa residents to trek
Ealier, Legit.ng reported that the recent fuel price hike in Adamawa State has severely impacted transportation and daily survival, forcing residents to pay more for basic commuting.
Motorcyclists and taxi drivers are struggling with the rising costs, leading to frequent disputes with passengers and long idle hours due to low patronage.
Residents, unable to cope with the high cost of living and business setbacks, are calling on the government for urgent intervention.
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Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
Kola Muhammed (Copyeditor) Kola Muhammed is an experienced editor and content strategist who has overseen content and public relations strategies for some of the biggest (media) brands in Sub-Saharan Africa. He has over 5 years of experience in copyediting.
