Nigeria’s oil marketers are hopeful that petrol prices will continue to fall in the coming days. Currently, prices are between N935 and N965 per litre, with some stations in Abuja offering the lower prices. This price drop follows President Bola Ahmed Tinubu’s decision to remove the fuel subsidy, a move he says was necessary to save the country’s future.

MRS filling stations and the Nigerian National Petroleum Company Limited (NNPCL) are both selling petrol at N935 and N965 per litre, respectively. Dangote Refinery has partnered with MRS to offer petrol at N935 per litre, down from N1,060. In response, NNPCL lowered its prices, leading to a price competition between Dangote Refinery and NNPCL.

Marketers like Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), believe these price cuts are here to stay. He expects petrol prices to drop even lower in the near future. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), also supports further price reductions, noting that the deregulated market allows competition to drive prices down.

President Tinubu, in his first media chat since taking office, reaffirmed his support for removing the fuel subsidy, despite the challenges it has created for many Nigerians. He argued that continuing the subsidy would have cost the country’s future, as it was spending more on subsidies than it could afford. Tinubu criticized the phased approach to subsidy removal, saying it was a financial risk for the country.

PETROAN has asked the government for a N100 billion intervention to help lower petrol prices even further, while also calling for more transparency in the crude-for-naira policy. Both PETROAN and IPMAN are hopeful that the government will continue to support policies that lead to lower fuel prices and less financial strain for Nigerians.

With competition heating up between major players like Dangote Refinery and NNPCL, many expect further reductions in petrol prices. The deregulated market is showing its potential to bring more affordable fuel to Nigerians, but marketers and industry leaders stress the importance of government intervention and better financial management to ensure long-term success.