Petrol prices in Nigeria have dropped to 860 naira per litre due to competition from the Dangote Refinery, which lowered depot prices. The NNPC followed suit by reducing prices as well. This shift indicates a transition toward a more deregulated market, promoting competitive pricing.
The retail price of petrol in Nigeria has recently fallen to 860 naira per litre, largely due to increased competition from a prominent local refinery. The Dangote Refinery, with a capacity of 650,000 barrels per day, initiated a price reduction twice in February, decreasing costs from a previous high of 1,030 naira. This prompted a response from the Nigerian National Petroleum Corporation Limited (NNPC), which simultaneously lowered its prices.
The new pricing dynamics in Nigeria’s petrol market demonstrate the impact of competitive forces on fuel prices. With the Dangote Refinery now operational, further reductions and stability are expected, benefiting consumers amid ongoing economic challenges.
Original Source: www.hindustantimes.com
