Dangote Petroleum Refinery has reduced its petrol loading cost from N825 per litre to N815 per litre.
With the new price introduced on Thursday, many marketers are now bypassing private depots to source fuel directly from the refinery.
The N10 reduction is expected to pressure private depot owners into lowering their prices to remain competitive.
Earlier in the week, reports showed that the landing cost of imported petrol had dropped to N774.72 per litre.
Marketers said this decline could soon push pump prices to about N800 per litre.
The ongoing price competition started when the cost of imported petrol, which includes shipping, import duties, and exchange rates, fell by N50.28 per litre.
This led some marketers to opt for imported products instead of Dangote’s fuel due to price differences.
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In an effort to maintain its market share, the refinery, with a production capacity of 650,000 barrels per day, responded by cutting its price.
However, after adding the N10 levy from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the final cost stands at N825 per litre.
Private depot owners in Lagos have also adjusted their prices, reducing loading costs to match Dangote’s offer.
Some depots, such as Bovas and Integrated, are selling at N826 per litre, while others like AITEO and WOSBAB set their prices at N827 and N831, respectively.
(Editor: Paul Akhagbemhe)
