Another Price Cut in the Fuel Market
On Thursday, Dangote Refinery quietly reduced petrol loading prices, dropping the cost from ₦825 to ₦815 per litre. This marks the third price adjustment in 2025, following reductions on February 1 and February 26.
Oil marketers welcomed the price drop. Many have now shifted from private depot owners to buying directly from the refinery.
Impact on Private Depots
The ₦10 per litre reduction could push private fuel depots to lower their prices. To retain market share, they may need to adjust their rates.
Falling Landing Costs and Market Shifts
On Tuesday, the landing cost of imported petrol in Nigeria dropped to ₦774.72 per litre. Analysts predict this trend may bring pump prices down to about ₦800 per litre.
The total cost of imported fuel, including shipping, import duties, and forex expenses, has led retailers to favor imports over local refinery supply. Some speculate that falling landing costs influenced Dangote Refinery’s decision to cut prices.
As a result, Lagos depots have adjusted prices. Selling rates now range from ₦820 to ₦839 per litre, aligning with the refinery’s new pricing.
