Dangote Refinery Reduces Petrol Price To N815 per Litre Amidst Market Competition.
Dangote Petroleum Refinery has further slashed the loading price of its petrol from N825 to N815 per litre, intensifying competition in Nigeria’s downstream oil sector. The reduction, announced on Thursday, is expected to influence market dynamics as independent marketers take advantage of the price drop.
Reports indicate that fuel marketers are now bypassing depot owners and sourcing petrol directly from the refinery. This shift could pressure depot operators to further lower their prices to remain competitive.
Impact on Market Prices
According to The Guardian, the landing cost of imported petrol currently stands at N774.72 per litre. This cost, which includes shipping fees, import duties, and exchange rate fluctuations, had previously led many retail marketers to favour importation over sourcing from Dangote Refinery. However, with Dangote’s latest price reduction, there is speculation that pump prices may drop to around N800 per litre, prompting adjustments across the supply chain.
Depot Price Adjustments
In response to the new pricing, several depots in Lagos have started adjusting their rates. Depots such as AA RANO and MENJ are now selling petrol at N830 per litre, while WOSBAB and RAINOIL have set their prices at N831 per litre. BOVAS and Integrated Depot have both reduced their rates to N826 per litre, while AITEO has adjusted its price from N832 to N827 per litre.
With the ongoing pricing competition, industry experts anticipate further shifts in fuel prices, as both importers and local refiners seek to gain an edge in the market. The move by Dangote Refinery is expected to benefit consumers in the long run, potentially leading to lower pump prices nationwide.
