By Ifeoluwa Odunayo
The loading cost of Premium Motor Spirit (petrol) at private depots dropped to N925 per litre on Monday, following Dangote Petroleum Refinery’s decision to reduce its ex-depot price from N950 to N890 per litre.
Major depots, including Nipco, Chipet, Aiteo, Wosbab, and Rain Oil, have adjusted their prices, cutting rates by N8 to N27 per litre across different locations.
However, the price drop is yet to fully reflect at fuel stations, prompting calls for regulatory oversight to ensure consumers benefit.
Oil and gas expert Olatide Jeremiah described the development as a major shift in Nigeria’s downstream sector, noting that Dangote Refinery’s growing influence has curbed hoarding and price manipulation, pushing the market toward more transparent pricing.
