Dangote, Rainoil adjust petrol prices

by Khaleel Owoyemi

Dangote Petroleum Refinery and Rainoil have quietly adjusted petrol prices at their depots.

According to Petroleumprice.ng, Dangote Refinery reduced its depot price from N828 to N827 per litre, down slightly from N828, and continuing a gradual drop from the N835 rate observed earlier. Though a marginal 0.06% decrease, the reduction reflects the refinery’s ongoing response to market shifts.

In contrast, Rainoil increased its depot price from N830 to N850 per litre, marking a N20 hike.

Meanwhile, figures from the Major Energies Marketers Association of Nigeria (MEMAN) indicate that the average petrol landing cost has dropped over the past 30 days to N894 per litre.

Although these depot-level changes may not yet affect pump prices, industry analysts suggest they could signal relief for motorists if the trend persists.

Petrol station operators, already under pressure from unstable costs and thinning profit margins, may find some reprieve if depot price reductions continue.

Financial analyst and CEO of Financial Derivatives Company, Bismarck Rewane, has projected that retail petrol prices could begin to ease in June and July, driven by market realignments and a strengthened Naira.