Dangote Petroleum Refinery has once again lowered the loading cost of its petrol, reducing the price from ₦825 per litre to ₦815 per litre.
This move further intensifies competition in the downstream sector as marketers respond to fluctuating prices.
Reports indicate that petroleum marketers are capitalizing on the ₦10 price reduction by sourcing directly from the refinery instead of relying on depot owners, who may now be forced to adjust their prices downward to remain competitive.
The landing cost of imported petrol currently stands at ₦774.72 per litre, factoring in expenses such as shipping, import duties, and exchange rates.
This has led some retail marketers to favor importation over purchasing from Dangote Refinery.
Speculations suggested that the pump price of petrol could drop to ₦800 per litre, which may have influenced the latest price adjustment by the refinery.
Meanwhile, depots in Lagos are already reflecting the new price changes. Some depots have adjusted their selling prices as follows:
A Rano and MENJ: ₦830 per litre
WOSBAB and Rainoil: ₦831 per litre
Bovas and Integrated Depot: ₦826 per litre
AITEO: Reduced from ₦832 to ₦827 per litre
