• We expect a drop in the price of gasoline in the coming days, following promises from traders and oil companies.
• The reduction in the landing cost of gasoline has also raised hopes that gas stations will soon lower their prices.
• The oil market is now fully deregulated, with gasoline prices at the pump determined by market forces.

Legitime.ng Journalist Dave Ibemere has over a decade of experience in business journalism and has in-depth knowledge of the Nigerian industry. economygeneral market actions and trends

Fuel prices in Nigeria are expected to decline in the coming days as traders and oil companies signal possible price cuts amid competition for market share.

The federal government has clearly stated that it will no longer set prices at the pump and that market forces will determine the cost of products.

Expectations for new fuel prices

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‘Price war’: Marketers insist on dropping Dangote petrol price below N900 per liter

In recent days, the market appears to have favored Nigeria, with oil prices now at $75 per barrel and the Dangote refinery confirming that its petrol prices are between N960 and N990.

Additionally, reports of traders promising to sell gasoline at prices lower than those set by Dangote have raised hopes of new, more affordable products. fuel prices soon.

In a statement issued on Monday, November 11, Oil The Produce Retail Outlet Owners Association of Nigeria (PETROAN) has said the premium motor spirit (petrol) it plans to import will be cheaper than the rates currently available in the country .

Joseph Obele, national public relations manager, said PETROAN had formed a business unit to enable it to import gasoline before December, Vanguard reports.

Part of the statement reads:

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Once again, Dangote Refinery alerts Nigerians over importation of substandard petroleum products

“PETROAN has entered into plans with its foreign refiner counterparts and financial partners to import the best quality PMS and then sell far less than the current sales rate of PMS in Nigeria.

“We were planning to enter the market before December 2024, pending approval of our import license by the regulatory agency and access to foreign exchange from the CBN at the official rate.”

Legitime.ng also reported that Pinnacle Oil & Gas declared its readiness to compete with Dangote gasoline prices and assured the quality of the products.

NewsTelegraph also reports that the landing cost of fuel fell to N939.86 as of November 1, 2024 from N945.63/liter as of September 27.

The new prices was disclosed by the Major Energies Marketers Association of Nigeria (MEMAN).

New price list appears in Lagos and Abuja

Legitime.ng indicated that due to the complete deregulation of the oil sector industryNigerians are now buying gasoline at historically high prices, with prices differing between towns and gas stations.

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Dangote Refinery Announces New Petrol Prices, Explains Decision and NNPC Influence

Besides price increases, complete deregulation also means that prices differ between cities and even between gas station owners.

Source: Legit.ng