Dangote Refinery and Depots Slash Petrol Prices in Nigeria Amid Market Competition

Dangote Refinery and various private depots in Nigeria, including Matrix Energy, Shafa, Sigmund Zamson, and Pinnacle Oil, have lowered petrol prices to N880.5 per liter to compete in the downstream petroleum market. Despite this reduction, consumers are still facing high retail prices, with stations like Ardova and NNPC selling at N920-922 per liter in Lagos.

The market survey by Vanguard indicates that the price drop has not significantly affected consumers. The reduction in prices is attributed to the decrease in the cost of petrol to N829.77 per liter.

MEMAN has noted a reduction based on the Brent crude benchmark price.