By Erewunmi Peace

Petrol prices may soon drop across Nigeria following a reduction in the cost of imported Premium Motor Spirit (PMS), which has reportedly fallen below the ex-depot rate of the Dangote Petroleum Refinery.

Industry sources indicate that the landing cost of imported petrol has declined, creating competitive pressure in the downstream oil market.

This development is expected to influence pump prices nationwide as marketers adjust to the changing market dynamics.

In response to market conditions, Dangote Refinery has officially reduced its ex-depot petrol price from ₦799 to ₦774 per litre. The price adjustment is seen as part of an emerging price competition between local refining and fuel importation.

While the reduction at the refinery level has been confirmed, retail pump prices at filling stations have not yet reflected a uniform nationwide drop.

However, energy analysts suggest that consumers could begin to see gradual reductions in the coming days as marketers respond to the new pricing structure.

The development marks another significant shift in Nigeria’s deregulated petroleum market, where prices are now largely determined by global oil trends, exchange rates, and supply costs.

Motorists and transport operators across the country are hopeful that the anticipated reduction will ease transportation costs and reduce pressure on household expenses.

More updates are expected as marketers begin adjusting pump prices in line with the new market realities.