Dangote Marketers Cut Petrol Prices Amid Cost Decline
Nigeria's petrol market is experiencing new price adjustments due to a decline in the landing cost of imported petrol. As of October 30, the spot landing cost was N1,239.92 per litre, down from a 30-day average of N1,289.36, marking a decrease of N49.44 or 3.84%.
The Dangote Refinery's consortium marketers have reduced their petrol price by N45 or 3.56%. This price adjustment has pressured independent depot operators, leading to a drop in depot prices from an average of N1,300 per litre to N1,259.17 per litre.
The Nigerian National Petroleum Company Limited has also reduced its petrol pump price by N10 per litre in Lagos, now priced at N1,355. The adjustments are a response to intensifying competition in Nigeria's downstream petroleum market, with the potential for filling stations to lower pump prices depending on various factors.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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