Depot owners reduce fuel price to Dangote Refinery’s rate

Several petroleum products depot owners have reduced their petrol ex-depot prices to N1,075 per litre, the same rate as Dangote Refinery.

Check by DAILY POST showed that Heyden, Pinnacle Ardova, Sahara and others have pegged their ex-depot prices at N1,075 per litre on Friday after as high as N1,095 per litre.

This comes two days after Dangote Refinery announced free petrol delivery to five states and Abuja at N1,075.

The implication is that Dangote Refinery may soon drop its gantry price below N1,075 to have a competitive advantage over depot owners.

DAILY POST reports that in the last four weeks, Dangote Refinery and depot owners have dropped fuel prices by at least N120 per litre, which has led to petrol pump price reductions.

Crude oil prices had surged on Wednesday before cooling down on Thursday despite renewed escalation in the Middle East after the United States’ and Iran’s ceasefire deal collapsed.

On Thursday, New York Federal Reserve Bank President John Williams said energy prices would hold lower despite renewed airstrikes in the Gulf region.