Nigerian Private Depots Slash Petrol Prices Below Dangote's Rates, Sparking Market Competition

Private depots in Nigeria have slashed petrol prices below Dangote's rates, with the average ex-depot price dropping to around N872-N875 per liter. Several depots, including Aiteo, Rainoil, and others, have lowered their prices to attract more customers amidst Dangote's pilot scheme offering petrol at N877 per liter.

This move is expected to stabilize prices, create market competition, and encourage market activities. Dangote remains a dominant player, but the competition from private depots is increasing.

The reduction in prices may be challenging to sustain due to higher costs for imported fuel.