Depot Owners Slash Petrol Prices in Lagos and Calabar, Competition Intensifies

Depot owners in Lagos, Calabar, and other cities have lowered petrol prices, averaging 702 naira per liter. This reduction follows a competitive trend in the downstream petroleum sector, with market dynamics driving the price cuts.

The move is attributed to improved product availability, increased competition among depot owners, and a favorable domestic supply condition. The price adjustments are expected to lead to further market resets as key players respond to retain market share.