Petrol prices in Nigeria have fallen to 860 naira per litre, following price cuts by the Dangote Refinery. This development counters the country’s historical reliance on imported gasoline. The Nigerian National Petroleum Corporation Limited has also adjusted prices in response. Analysts predict that this competitive landscape will continue to lower prices for consumers living amidst economic pressures.
In Nigeria, the retail price of petrol has decreased to 860 naira per litre, primarily due to competitive pricing initiated by the Dangote Refinery, which is facilitating a shift away from the nation’s dependency on imported gasoline. The refinery, with a production capacity of 650,000 barrels per day, made two price reductions in February, significantly lowering costs from a five-month peak of 1,030 naira.
The recent price reductions reflect a competitive market landscape, driven by local refinery operations and economic adjustments. The Dangote Refinery’s entry is expected to establish a more sustainable petrol supply in Nigeria, potentially stabilizing fuel prices and benefiting consumers. Market analysts indicate that as competition intensifies, further price cuts may occur, enhancing accessibility for Nigerians amidst ongoing economic challenges.
Original Source: www.hindustantimes.com
