Petrol to get cheaper? Dangote-linked marketers drop depot price by ₦55

Marketers who buy petrol from the Dangote Refinery have cut the price at which they sell to retailers from ₦1,265 to ₦1,210 per litre.

The reduction of ₦55 a litre, about 4.35 per cent, was reported on Monday. Industry sources linked it to a drop in the European petrol benchmark the refinery uses to set its prices, along with better supply and a smaller gap between buying and selling prices.

Other depots in Lagos had already been lowering their rates. Late last week, most were selling at about ₦1,260 a litre, down from roughly ₦1,300 a day earlier. Prices also eased in Port Harcourt and Calabar.

Whether motorists feel the difference depends on filling stations. Retailers still have to cover transport and other costs, and they do not always pass on savings quickly.

The cut comes as businesses report that fuel and transport costs are pushing up prices across the economy, making any fall in petrol prices welcome news for households.