Marketers of petroleum products say petrol prices may drop to about N1,200 per litre as the Dangote Petroleum Refinery leads efforts to reduce ex-depot rates.
As crude prices continue to fall following a peace deal signed between the United States and Iran, the Dangote Petroleum Refinery has slashed its petrol gantry price by N75 per litre, from N1,250 to N1,175.
This has prompted other depot owners to lower their prices to about N1,180, according to Petroleumprice.ng.
However, filling stations have yet to adjust pump prices, as many still sell petrol at around N1,280, as observed on Tuesday. Marketers attribute this to the need to sell off old stock to avoid losses.
In a circular to fuel marketers on Monday, the Dangote refinery said the price adjustment followed the de-escalation of tensions in the Middle East, which had impacted energy prices over the past three months.
“Following the de-escalation of tensions
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