The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery have both lowered the ex-depot price of petrol to 899 per litre to benefit customers and increase market competitiveness.
NNPCL lowered its ex-depot price from ₦1,020 to ₦899 per litre to match the most recent pricing from Dangote Refinery.
Dangote Refinery had lowered its ex-depot pricing from ₦970 to ₦899.50 per litre before NNPCL made the change.
To ensure that end users benefit from the price cut, Dangote also teamed with MRS to retail fuel at 935 per litre across all of its locations nationwide.
Both NNPCL and Dangote Refinery have lowered their prices in reaction to the competitive dynamics that deregulation brought about in the downstream industry, which heightened rivalry among oil marketers.
Marketers are now planning how to adjust to the new price environment. This may entail changing their distribution plans, pricing schemes, and supply chains to preserve profitability and benefit customers.
Dangote Refinery has been urged by major marketers to boost market availability and guarantee that the price cuts have a wider effect by giving bulk vessel supplies top priority.
It is anticipated that lower pump costs will result from the drop in ex-depot prices, giving consumers financial relief, particularly during the holiday season. For example, some gas stations have reduced their retail pricing from ₦1,060 per litre to ₦939.50 per litre.
