Fuel Prices Set to Drop Further, Oil Marketers Confirm!

Petrol prices in Nigeria are set to decrease further, following recent reductions by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery. According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the price cuts, which saw Dangote Refinery lower prices from N970 to N899.50 per litre and NNPCL announce a reduction to N935 per litre, are expected to spark healthy competition in the market. PETROAN's national public relations officer, Dr. Joseph Obele, expressed confidence that petrol prices could continue to drop through January 2025, fueled by global crude oil price declines and the strengthening of the naira. The price cuts by both NNPCL and Dangote Refinery have been hailed as a direct result of market deregulation, which is increasing competition among oil marketers. Dr. Obele described this as a "price war," ultimately benefiting Nigerian consumers. He also emphasized the importance of privatizing government-owned refineries to ensure sustained competition and affordable fuel prices. Dr. Billy Gillis-Harry, PETROAN's national president, also praised the reductions, calling them a positive step for both motorists and Nigerians during the holiday season. In addition to these price cuts, the Major Energy Marketers Association of Nigeria (MEMAN) reported that the landing cost of petrol has dropped to N970 per litre in December, down from N971 in November. This reduction is attributed to the decline in crude oil prices and the volatility in exchange rates, signaling further potential for lower fuel prices in the coming months.

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