The Dangote Petroleum Refinery has reduced the depot price of petrol to N820 per litre, down from the previous N838.
This move came as competition tightens in Nigeria’s fuel market and crude oil prices continue to fall.
According to petrolprice.com, this is the biggest price adjustment made by any depot operator recently. Other major players in the downstream sector also made slight reductions to stay competitive.
Fatgbems lowered its price to N837 per litre, while Integrated and Bovas both adjusted to N836. AIPEC reduced to N837 from N840, and First Royal now sells at N838 per litre.
Energy analyst and CEO of Petrolprice.ng, Olatide Jeremiah, told Vanguard that the changes are linked to the drop in global crude oil prices following a ceasefire in the Israel-Iran conflict. He said, “Crude oil has dropped to about 70 dollars per barrel from more than 77 dollars in June. Because of this, operators in Nigeria are adjusting their depot prices to reflect the global market trend.”
Last month, Dangote Refinery also reduced its gantry price by 4.5 percent, dropping from N880 to N840 per litre.
Global oil prices have been unstable in recent weeks due to tensions in the Middle East. As a result, Nigerian depot owners had earlier slashed prices by five percent when Bonny Light crude dropped from above 80 dollars to 68 dollars per barrel.
