Several petroleum products depot owners have reduced their petrol ex-depot prices to ₦1,075 per litre, matching the rate offered by Dangote Refinery as competition in Nigeria’s downstream oil sector intensifies.
A market check by DAILY POST on Friday showed that major depot operators, including Heyden, Pinnacle, Ardova, and Sahara, lowered their ex-depot prices from as high as ₦1,095 per litre to ₦1,075 per litre.
Price Cut Follows Dangote Refinery’s Move
The latest adjustment comes just two days after Dangote Refinery announced that it would supply petrol at ₦1,075 per litre, alongside offering free fuel delivery to five states and the Federal Capital Territory, Abuja.
The development suggests that the refinery could further reduce its gantry price to maintain a competitive edge over other depot operators.
Fuel Prices Have Fallen in Recent Weeks
Over the past four weeks, both Dangote Refinery and depot owners have reduced petrol prices by at least ₦120 per litre.
The downward trend has also contributed to lower petrol pump prices at filling stations across parts of the country.
Crude Oil Market Remains Volatile
The recent fuel price adjustments come amid fluctuations in the global crude oil market.
Crude oil prices rose on Wednesday before easing on Thursday despite renewed tensions in the Middle East following the collapse of the ceasefire agreement between the United States and Iran.
Meanwhile, New York Federal Reserve Bank President John Williams said on Thursday that energy prices are expected to remain relatively lower despite renewed airstrikes in the Gulf region….See More
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