Hopes for cheaper fuel across the country rise as Dangote’s rivals set new fuel price target

• Gasoline prices are expected to fall in the coming days following promises from marketers and oil companies.
• The drop in the landing price of gasoline has also raised hopes that gas stations will soon lower prices.
• The oil market is now completely deregulated and gasoline pump prices are determined by market forces.

Legit.ng Journalist Dave Ibemer has more than a decade of experience in business journalism and an in-depth knowledge of the Nigerian language. economystocks and general market trends

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

The federal government has made it clear that it will no longer set prices for fuel pumps and that market forces will determine product costs.

Expectations for new fuel prices

In recent days, the market appears to have favored Nigeria, with oil prices now at $75 a barrel and Dangote Oil Refinery confirming that petrol prices range from N960 to N990.

In addition, reports that marketers are promising to sell gasoline at prices lower than those set by Dangote have raised hopes of new, more affordable fuel prices in the near future.

IN statement published on Monday, November 11, Oil The Petroleum Owners Association of Nigeria (PETROAN) has said that the premium motor petrol they plan to import will be cheaper than the current prices available in the country.

Joseph Obele, National Public Relations Officer, said PETROAN has created a business unit to allow it to import gasoline until December, Vanguard reports.

Part of the statement reads:

“PETROAN has entered into plans with its foreign refining colleagues and financial partners to import the best quality PMS and then sell it at a much lower price than the current level of PMS sales in Nigeria.

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

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

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

New prices This was announced by the Major Energy Marketers Association of Nigeria (MEMAN).

New price list launched in Lagos, Abuja

Legit.ng reported that due to complete deregulation of the oil industry industryNigerians are now buying petrol at historically high prices, with prices varying between cities and gas stations.

In addition to rising prices, complete deregulation also means that prices vary from city to city and even depending on who owns the gas stations.

Source: Legit.ng