Petroleum marketers have indicated that petrol prices could decline to around N1,200 per litre following a fresh reduction in prices by the Dangote Petroleum Refinery.
The refinery reduced its ex-depot price from N1,250 to N1,175 per litre, citing easing tensions in the Middle East and falling global crude oil prices. While many filling stations are yet to adjust their pump prices due to existing stock purchased at higher rates, marketers say consumers should begin to see reductions in the coming days.
Industry stakeholders believe the development could provide much-needed relief to Nigerians after months of high fuel costs driven by global oil market volatility.
