Nigerian Petrol Prices Unchanged Despite Dangote's Rate Cut, Market Adjustments Follow

The Nigerian fuel market experiences a fresh twist as Dangote Refinery's decision to lower its ex-depot price to 49 naira per liter has not translated to lower pump prices for motorists, hovering above 900 naira per liter. Other downstream operators like Aiteo, Bova, AYM Shafa, and Zamson have also reduced their ex-depot prices.

Despite global oil price slumps, retail pump prices are yet to drop significantly, frustrating motorists. Independent Petroleum Marketers Association of Nigeria (IPMAN) is waiting to exhaust old fuel stock purchased at higher prices before reflecting the new rates at the pump.