Dangote Petroleum Refinery has reduced its petrol loading cost from N825 per litre to N815 per litre.
Gatekeepers News reports that oil marketers have opted to source directly from Dangote Petroleum Refinery instead of private depot owners due to the market incentive.
When added to the N10 levy charged by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, this will increase the cost to N825 per litre.
Private depot owners in Lagos have reduced their loading costs to N825 per litre from N830 sold earlier this week.
Commenting on the development, IPMAN National Publicity Secretary, Chinedu Ukadike, said, “Yes, there is speculation that the price of imported products is now lower. That is the reason for the price war.”
“It is the beauty of deregulation. Dangote has millions of litres and would not want any external force to take its market share. So it would have forced the price reduction.”
Meanwhile, the landing cost of petrol has increased to N803.35 per litre from N774.82 per litre.
