Petrol prices in Nigeria have dropped below N900 per liter due to intense competition among stakeholders in the downstream sector. The price drop is attributed to the Dangote Refinery’s decision to slash the product’s price to N899.50k for marketers.
Here are the key highlights of the price reduction:
- New Price: Petrol now sells at N899 per liter, down from N1,020 per liter.
- Price Reduction: The Nigerian National Petroleum Company Limited (NNPCL) has slashed the petrol price by 12%.
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- Regional Prices: While Lagos sells at N899 per liter, Warri, Oghara, Port Harcourt, and Calabar will sell at N970 per liter.
- Benefits: The price reduction is expected to lead to reduced transportation costs, increased economic activity, and an improved standard of living for Nigerians.
- Future Projections: Experts predict that the petrol price may drop further before the end of January 2025, given the global decline in crude oil prices and the Naira’s recent gain against the dollar.
