Dangote petrol back at about ₦1,300 at the gantry as Lagos pumps edge up to ₦1,370

The price at which the Dangote refinery sells petrol to marketers appears to be back at about ₦1,300 a litre, days after reports that it had fallen to about ₦1,210.

Legit.ng reported on Wednesday that the refinery has set a fixed gantry price of ₦1,300 a litre, effective from midnight on Tuesday 3 November. It gave a coastal lifting rate, for bulk buyers by ship, of ₦1,676,250 a tonne.

Vanguard's checks on Tuesday had Dangote's depot price at ₦1,303 a litre, up ₦3.

What happened to the cut?

Over the weekend, Naija News, Legit.ng and Daily Post reported that Dangote's consortium marketers had cut the gantry price by up to ₦55, to about ₦1,210 to ₦1,215 a litre. We reported those figures on Monday.

The new ₦1,300 figure is about ₦85 to ₦90 higher. Neither report this week explains the gap. It may be that the lower price applied only to some buyers or for a short time, or that the earlier reports were wrong. The refinery has not published a price that we could find. We will update this story when it does.

Depots: up and down

Lagos depot prices moved in different directions on Tuesday, depending on who checked.

Vanguard reported that A.A. Rano raised its price by ₦75 to ₦1,295 a litre, NIPCO by ₦55 to ₦1,305, while MRS held at ₦1,310. African Terminal, Aiteo and Integrated went to about ₦1,300.

Legit.ng, using PetroleumPriceNG data, reported a range of ₦1,283 to ₦1,295, with some depots now selling below Dangote. It had NIPCO at ₦1,290 and A.A. Rano at ₦1,295. In Port Harcourt, Masters sold at ₦1,283, the lowest price it found.

The two outlets agree on A.A. Rano but differ on NIPCO. Depot prices can change more than once a day.

Diesel went the other way. Vanguard reported Lagos depot cuts by WOSBAB, Bulk Strategic, Rain Oil and Dangote, which sold diesel at ₦1,823 a litre.

At the pump

In Lagos, Vanguard found NNPC and MRS stations selling petrol at ₦1,360 a litre on Tuesday. Mobil sold at ₦1,349, and some independent stations charged ₦1,365 to ₦1,370.

That is a little above the ₦1,355 NNPC Lagos price Legit.ng reported on 2 November.

What it means for you

The cheaper petrol many expected this week has not arrived in Lagos. Pump prices are flat to slightly higher.

Crude oil fell sharply on Wednesday, which could pull prices down again in the coming days. Shop around: the gap between stations in the same area can be ₦20 a litre or more.