According to the latest daily energy data for the Capacity Center daily daily energy data issued by the Association of Major Energy Marketers of Nigeria (MEMAN), the landing cost of advanced automotive spirits fell to N774.82 per liter, lower than the former fuel price of the Dangote refinery.
Data from Mumbai show that the estimated import equilibrium has been reduced to N774.82 per liter, down N152.56 and down N927.48 on gasoline on 21 February 2025.
As global oil prices continue to grow, Brent crude fell to $70, and as of Wednesday morning, March 12, 2025, its price dropped to $70, US WTI $66.70, compared to about $76 and $69 in February.
The decline in global crude oil prices means fuel prices may drop further to around N800 per liter, below the lowest retail prices in Lagos and Abuja in the coming days.
Recall that in early March and last month, Nigeria National Petroleum Corporation Limited and Dangote Refinery lowered their gasoline retail price to the N860 and N880 in Lagos and Abuja.
Chineseu Ukadike, spokesman for the Nigerian Independent Petroleum Marketers Association, said gasoline prices could drop to N800 per liter.
“Crude oil is a major component of fuel production, so further price reduction is definitely worth the decline, gasoline prices may drop and can drop to N800 per liter.”
