See why as hope rises for cheaper fuel at filling stations nationwide

• There is expectations for petrol price crash in the coming days following promises of marketers and oil company
• Also, the price of petrol landing cost has reduced which gives hope that filling stations will reduce prices
• The petroleum market is now fully deregulated, and petrol pump prices are now based on market forces

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

Fuel prices in Nigeria are anticipated to reduce in the coming days as oil marketers and companies signal possible price cuts amid competition for market share.

The federal government has clearly stated that it will no longer determine pump prices and market forces will determine rates.

Fuel prices are not determined by market forces Photo credit: Bloomberg/contributor
Source: Getty Images

In the last few days, the market seems to have favoured Nigeria with oil prices now at $75 per barrel and Dangote refinery confirming its petrol prices are between N960 and N990

Also, report of marketers making promises that they are ready to sell petrol lower than Dangote prices has lifted hope of a new fuel prices soon.

In a statement released on Monday, November 11, the Petroleum Products Retail Outlets Owners Association of IIgeria (PETROAN) insisted that the price of premium motor spirit, also known as petrol, it intends to import will be cheaper than the current rate sold in the country.

Joseph Obele, the National Public Relations Officer said that has incorporated a business unit that would enable it bring in petrol before December, Vanguard reports.

Part of the statement reads:

“PETROAN has concluded plans with her foreign refinery counterparts and financial partners to import the best quality of PMS and then sell far lesser than the present selling rate of PMS in Nigeria.“We planned to enter the market before December 2024, pending the approval of our import permit license by the regulatory agency and access to foreign exchange from CBN at the the official rate."

Legit.ng also reported that Pinnacle Oil & Gas has expressed readiness to compete with Dangote petrol prices and assured of quality products.

NewsTelegraph also reports that fuel landing cost has dropped to N939.86 as of November 1, 2024 from N945.63/litre as of September 27.

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

New price list emerges in Lagos, Abuja

Legit.ng reported that due to the complete deregulation of the oil industry, Nigerians now purchase petrol at historically high costs, with pricing differing between cities and filling stations.

In addition to the price increases, the complete deregulation also means that prices differ between cities and even depending on who owns the gas stations.

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Source: Legit.ng