- Depots in Port Harcourt and Lagos Report Price Reductions of Up to N24
- Exchange Rates and Global Crude Costs Continue to Shape Fuel Pricing
Depots across Nigeria have adjusted their petrol prices downward, reflecting the drop in landing costs to N922.65 per litre.
Prices at major depots such as Sahara and Wosbab fell from N980 to N960, while Bulk Strategic Depot in Port Harcourt reduced its price from N1,005 to N981, marking a N24 decrease.
The adjustments are linked to declining global crude prices, which fell to $78.29 per barrel on Friday, as well as exchange rate stabilization at N1,550 per dollar.
Industry analysts believe these price shifts will create a more profitable environment for marketers, particularly as import parity costs drop.
However, challenges such as fluctuating exchange rates and freight costs continue to influence Nigeria’s energy market, keeping retail prices high.
