The fuel-price fight escalates — marketers tell the FCCPC to “understand the market” as Dangote's gantry price falls to ₦1,215

Photo: An NNPC filling station · Source: Legit.ng (9 Nov 2026 file photo)

Local refiners and marketers have answered the FCCPC's demand for lower pump prices, saying the commission does not understand how the downstream market works — as Dangote's gantry price fell again to ₦1,215 a litre.

NNPC cut pump prices on Monday: Abuja ₦1,325 a litre and Lagos ₦1,340, down ₦20 from ₦1,360. MRS in Lagos cut ₦19 to ₦1,331, from ₦1,350. In Abuja, AA Rano, Sharon and Shema cut ₦10 to ₦1,410, from ₦1,420.

Depot prices ranged from ₦1,277 (Aiteo, lowest) to ₦1,325 (Masters, highest); Dangote depot stood at ₦1,293. The cut follows a Dangote Refinery price move that triggered NNPC cuts of ₦45–₦80 a litre. Pump prices remain above ₦1,300 everywhere.

The gap is the story: independents in Abuja barely moved (₦10) while NNPC is now the cheapest pump in the city — the “who benefits?” question. One aggregator still lists NNPC Lagos at ₦1,355; NewsFlux is using the Legit.ng figures (₦1,340), which match the ₦20 cut.

The price story has flipped since Monday. Brent crude slid to about $93 a barrel — down about 4% on renewed US–Iran diplomacy hopes, and down about 16% on the week to Friday’s about $98 settlement, its steepest weekly fall since the pandemic. Daily Trust reports the estimated landing cost of imported petrol in Lagos has fallen to nearly ₦1,072 a litre — well below Dangote’s ₦1,293 depot price.

Yet pump prices barely moved: NNPC and Optima held at ₦1,385, AA Rano, Aliko and AY Maikifi cut only ₦10 to ₦1,420, and Maiduguri is still ₦1,440–₦1,450; Abuja is ₦1,390–₦1,410. Ten depots are now selling below Dangote’s gantry price (Aiteo lowest at ₦1,277).

Note the discrepancy: Daily Trust’s checks show NNPC at ₦1,385, while yesterday’s Legit.ng figures put NNPC Lagos at ₦1,340 and Abuja at ₦1,325. Pump prices are location-dependent; NewsFlux is flagging the discrepancy and not presenting one figure as settled. Separately, the naira closed on Monday at ₦1,349.34 to the dollar officially (against ₦1,346.79 on Friday) and ₦1,410–₦1,430 on the parallel market.

The Federal Competition and Consumer Protection Commission said on Tuesday it is closely monitoring falling crude prices and warned petroleum refiners and marketers against keeping petrol and diesel prices high.

FCCPC Executive Vice Chairman Tunji Bello said Brent had fallen from a peak of about $115 a barrel in September to below $90 this week, while petrol still sells at ₦1,405–₦1,420 a litre in Abuja and ₦1,325–₦1,370 in Lagos. The commission recalled that on 27 Feb, Brent closed at $72.48 and petrol sold at ₦839–₦925.

But “below $90” is the FCCPC’s characterisation, not the traded price: petroleumprice.ng reports Brent traded at $91.97 at 06:50 WAT on Tuesday and settled at $92.57 on Monday. NewsFlux is reporting the FCCPC’s figure as the commission’s claim and noting the traded price alongside it.

The FCCPC said it will work with the NMDPRA to track wholesale and retail prices, while clarifying it does not regulate or approve petrol prices in the deregulated market.

Depot prices kept sliding on Monday — Aiteo ₦1,250 and 11Plc ₦1,252 at close — and Dangote cut its diesel gantry price by ₦120 to ₦1,720. NNPC retail was reported at about ₦1,340 in Lagos and ₦1,325 in Abuja.

The FCCPC warning now has numbers and a named trigger. FCCPC Executive Vice Chairman Tunji Bello said on Tuesday that Brent crude has fallen from a September peak of about $115 to below $90 a barrel — a 21.7% drop, $89.66 on Tuesday morning — yet petrol still sells at ₦1,405–₦1,420 per litre in Abuja and ₦1,325–₦1,370 in Lagos.

He said if the decline is sustained there is “no justification” for refiners and marketers to keep prices high, expects easing wholesale costs to reach consumers “without undue delay”, and warned the FCCPC will act within its mandate where anti-competitive conduct blocks pass-through. The commission will work with the NMDPRA to monitor prices. The FCCPC has NOT accused any refiner or marketer of wrongdoing — and no marketer has cut pump prices.

The industry has answered the FCCPC. Local refiners and petroleum marketers faulted the commission's demand for lower petrol prices, saying it does not understand how the downstream market works and urging it to engage stakeholders; they argue crude prices alone do not dictate pump prices.

PETROAN's Billy Gillis-Harry said pump prices cannot be expected to fall below operating costs. CORAN said large refiners bought crude at higher prices and the effect of cheaper crude only shows after existing inventories are exhausted. The refiners also called for the permanent institutionalisation of the crude-for-naira arrangement with transparent eligibility for all domestic refineries.

Meanwhile the price is moving at the wholesale level: Dangote consortium marketers cut their petrol gantry price again to ₦1,215 per litre (from ₦1,240) on Wednesday evening — after the refinery cut its loading price to ₦1,250 and switched back to EBOB-linked pricing on 7 November, and cut its distribution consortium from 37 to 25 marketers.

No pump-price cut has been reported at filling stations — petrol is still ₦1,405–₦1,420 in Abuja and ₦1,325–₦1,370 in Lagos, and MEMAN's landing cost is ₦1,164 a litre. The ₦1,215 and ₦1,250 figures are gantry and loading prices, not what drivers pay.

Update, 12 Nov 2026 (morning): this article was updated after refiners and marketers answered the FCCPC and Dangote's gantry price fell to ₦1,215. No marketer has cut pump prices; the FCCPC has not accused any operator of wrongdoing.

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