Dangote, major marketers cut petrol depot prices as FG mounts pressure

•IPMAN targets sub-N800/litre

By Udeme Akpan & Obas Esiedesa

Nigeria’s downstream petroleum market witnessed another round of price reductions on Monday, with the Dangote Petroleum Refinery and several major fuel marketers lowering depot prices for Premium Motor Spirit (PMS), popularly known as petrol, and diesel.

This development comes at the backdrop of pressures from the Federal Government (FG) as well as growing competition and improving product availability.

Earlier yesterday before the price adjustments, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, told a stakeholders’ meeting that the current retail price of petrol does not reflect the sharp decline in price of crude oil.