The Dangote Petroleum Refinery and other major petroleum marketers have reduced petrol prices following a decline in international crude oil prices.
Dangote Refinery cut its petrol depot price from N1,350 to N1,325 per litre, representing a N25 reduction.
Other major suppliers also adjusted their prices downward, with some marketers reducing their rates by between N2 and N24 per litre across key markets.
The price cuts were recorded in Lagos, Port Harcourt, Calabar and Warri, although the adjustments varied among suppliers.
The reductions came as Brent crude fell below $100 per barrel amid easing concerns over global supply disruptions.
Lower crude prices generally reduce the cost of producing and importing refined petroleum products, creating room for suppliers to adjust their prices.
The latest development could provide some relief to consumers if the lower depot prices are reflected at filling stations.
However, pump prices may not fall immediately because retailers still have to account for transportation, storage, operating costs and existing fuel stocks purchased at higher prices.
The development also highlights the growing influence of domestic refining on Nigeria’s downstream petroleum market, particularly as Dangote Refinery continues to supply large volumes of petrol to local marketers.
For motorists and businesses, sustained lower fuel prices could help reduce transportation and operating costs, especially if the downward trend in crude prices continues.
The direction of petrol prices in the coming weeks will largely depend on movements in global crude prices, domestic supply and distribution costs.
