By Ayodele Quadri, Lagos Times Correspondent
LAGOS, NIGERIA — Domestic petroleum refiners, led by the Dangote Petroleum Refinery, and private depot owners are facing growing public and industry pressure to adjust ex-depot and gantry prices of Premium Motor Spirit (PMS) downward.
The push comes as global crude oil benchmarks—such as Brent and West Texas Intermediate (WTI)—have experienced recent downward price movements, dropping toward $88.10 and $83.40 per barrel respectively. Marketers and consumer advocacy groups argue that domestic fuel prices should reflect these international crude cost reductions.
Recent Gantry Adjustments & Retail Pump Dynamics
Despite falling global crude oil prices, domestic gantry prices recently experienced upward adjustments, triggering friction across the downstream supply chain:
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Dangote Refinery Gantry Rate: Dangote Refinery raised its gantry petrol price to ₦1,265 per litre. This follows a series of incremental steps, moving from ₦1,165 up to ₦1,200 and eventually reaching ₦1,265.
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Retail Pump Pressure: In response to higher ex-depot and gantry rates, retail pump prices at independent filling stations across major cities have climbed toward ₦1,250 to ₦1,300 per litre.
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Marketer Concerns: Representatives from the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed frustration, noting that unpredictable wholesale cost shifts make planning difficult for midstream and retail operators.
“We are facing the challenges of market volatility, government policies, and foreign exchange movements. When wholesale gantry rates jump, independent marketers and everyday consumers end up bearing the brunt at the pump.”
— Chinedu Ukadike, National Publicity Secretary, IPMAN
