Dangote, Rainoil Quietly Adjust Petrol Prices as Landing Cost Drops Amid Market Shifts
Image Credit: legitThe Dangote Petroleum Refinery and Rainoil Lagos have quietly adjusted petrol prices during Nigeria’s democracy day holiday, with Dangote reducing its price slightly to N827 per litre and Rainoil increasing theirs to N850 per litre.
New data from the Major Energies Marketers Association of Nigeria shows a 30-day decline in average petrol landing cost to N894 per litre, suggesting potential future price relief at the pump.
Experts, including Bismarck Rewane of Financial Derivatives Company Limited, predict that petrol prices may drop to N845 per litre by July, helped by a strengthening naira and increased downstream competition.
However, retail petrol prices remain mostly unchanged at filling stations, with prices ranging between N875 to N905 per litre, though some NNPC stations have reduced prices to N870 per litre.
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