Nigerian Petrol Prices Drop to N710/Litre as Dangote's Deal Fails

Nigerian petrol depot owners have slashed ex-depot prices to as low as N710 per litre following the collapse of a deal between Dangote Petroleum Refinery and marketers. The sharp price reduction comes after Dangote's refinery reportedly shut down its petrol product unit for maintenance.

This move has intensified competition in the downstream market, with prices dropping significantly. Global oil market dynamics and geopolitical tensions involving Venezuela and Iran have contributed to the decline in local petrol prices.

The collapse of the fuel supply agreement between Dangote and major petroleum markets has further fueled the price competition in Nigeria.