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Petroleum marketers in Nigeria are lowering petrol prices due to falling landing costs of imported fuelMajor Lagos depots have reduced petrol prices amidst growing competition and changing market dynamicsDiesel prices have also seen substantial drops, reflecting an increasingly competitive petroleum market in Nigeria
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petroleum marketers across Nigeria are cutting depot prices of Premium Motor Spirit (PMS), popularly known as petrol, as the landing cost of imported fuel falls again, raising fresh hopes of lower pump prices for motorists.
Latest market data showed that several major depots in Lagos reduced their ex-depot prices by between N1 and N18 per litre, reflecting growing competition among suppliers and changing dynamics in Nigeria’s downstream petroleum market.
Petrol prices fall at the depots amid cuts in landing costs. Credit: PIUS EKPEI UTOMI/StringerSource: Getty Images
The decline comes as increased domestic refining
