Dangote, Marketers Cut Depot Petrol Prices After FG Pressure

Dangote Refinery and major fuel marketers have cut depot petrol prices after federal officials pushed the downstream sector to reflect lower crude oil prices in pump and depot pricing.

The reductions followed a meeting called by the Nigerian Midstream and Downstream Petroleum Regulatory Authority with refiners, depot owners, transporters and retail marketers.

Dangote Refinery lowered its Lagos ex-depot petrol price from N1,079 to N1,076 per litre, while several major depots also adjusted prices downward.

The meeting came after Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, argued that current petrol prices did not reflect the fall in crude prices.

Retail outlet owners and independent marketers said prices could still fall further after the talks, with stakeholders pointing to Brent crude around $72 per barrel.

The shift does not automatically mean an immediate nationwide pump-price drop, but it increases pressure on retail prices if depot reductions continue across the supply chain.

Sources: Vanguard; Daily Post