Petrol Price War Heats Up as Depot Owners Slash Rates to Rival Dangote Refinery

Depot owners have slashed petrol prices to compete with the newly released rates from the Dangote Refinery. The depot operator announced a price cut to N850 per litre, slightly lower than Dangote's N822 rate.

This move comes as global crude prices have declined, with Brent Crude, WTI, and Murban benchmarks all seeing steep drops. The pricing war has intensified in Africa's largest refining facility, with other depot owners selling petrol at rates ranging from N823 to N825 per litre.

This competition is driven by the need to retain customers and maintain product turnover in the deregulated downstream sector. Industry experts predict that the price war could have ripple effects in major distribution hubs like Lagos, as Dangote's reduced rates may pressure other depots to adjust their prices to remain competitive.

Marketers and transport operators are closely monitoring the situation for further price movements and changes in sales volume.