Several petroleum depot owners have reduced their petrol ex-depot prices to N1,075 per litre, aligning with the rate set by Dangote Refinery.
A market check on Friday showed that operators including Heyden, Pinnacle, Ardova, and Sahara adjusted their prices downward from about N1,095 per litre earlier in the week.
The price adjustment comes two days after Dangote Refinery announced free petrol delivery to five states and the Federal Capital Territory at the same rate of N1,075 per litre.
Industry observers say the move signals intensifying competition, with expectations that Dangote Refinery may further lower its gantry price to maintain a competitive edge.
Over the past four weeks, both Dangote Refinery and depot owners have collectively reduced petrol prices by at least N120 per litre, leading to a drop in pump prices nationwide.
Meanwhile, global crude oil prices showed mixed trends midweek, rising on Wednesday before easing on Thursday, despite renewed tensions in the Middle East following the collapse of a ceasefire between the United States and Iran.
However, New York Federal Reserve President John Williams indicated that energy prices are likely to remain subdued despite ongoing geopolitical uncertainties.
