POPULAR
  • How Design A wEBSITE
  • BBN
  • Basket Ball
  • Box Office
  • CONTACT US
SUBSCRIBE
  • Home
  • News
  • World News
  • Breaking
  • Sport
  • Entertainment
  • Business
  • Health & Fitness
Reading: Fuel Price Drops by N27/litre At Private Depots
Share
BrainBoxNews - Breaking News - Nigeria News - Entertainment NewsBrainBoxNews - Breaking News - Nigeria News - Entertainment News
Aa
  • News
  • World News
  • Sport
  • Trending
  • Adventure
Search
  • Home
    • Home 4
  • Categories
    • News
    • World News
    • Sport
    • Trending
  • Bookmarks
    • My Bookmarks
    • Customize Interests
  • More Foxiz
    • Blog Index
    • Sitemap
Have an existing account? Sign In
Follow US
© Foxiz News Network. Ruby Design Company. All Rights Reserved.
BrainBoxNews - Breaking News - Nigeria News - Entertainment News > Blog > Latest News > Fuel Price Drops by N27/litre At Private Depots
Latest News

Fuel Price Drops by N27/litre At Private Depots

Brainbox
Last updated: 2025/02/04 at 2:24 PM
Brainbox
Share
3 Min Read
Government Increases Fuel Prices, To Take Effect On February 1
SHARE


Government Increases Fuel Prices, To Take Effect On February 1

Fuel price at private depots has dropped to N925 per litre.

The amount was a difference of N27 from N952 offered by the highest-selling depot last Friday.

Marketers said this reduction was influenced by the decision by the Dangote Petroleum Refinery to reduce its ex-depot price of PMS, from N950 to N890 per litre, effective from Saturday.

This development came at a huge cost to many petroleum marketers who bought products at higher costs.

It was learned that some marketers who bought the product a few hours before the announcement would be forced to sell below the cost, incurring debts running into millions of naira.

Meanwhile, data obtained by our correspondent analyzing petrol price movements at loading depots showed that there was a significant price drop across all depots although this is yet to impact the retail cost of petrol.

Nipco Depot reduced its selling price to N935 from N952 per litre last Friday. Chipet reduced its loading price to N935 per litre from N945 last Friday. Also, Aiteo slashed its costs to N925 from N942.

Wosbab Depot reduced its price to N930 from N947, while Rain Oil Depot made a similar change to N935 from the N947 that it sold a litre of petrol last Friday.

In Warri, Matrix reduced its price to N960 from N970 per litre. AYM Shafa sold at N960 from N970.

Zone 4 depot in Calabar reduced its price by N8 to N950 from N958 per litre. Alkanes sold at N949 and Northwest sold at N950.

Reacting, an oil and gas expert, Olatide Jeremiah said the price drop was expected.

He said, “Dangote refinery’s reduction of petrol to 890 has influenced private depots and importers to immediately review their fuel price downwards.

His capacity in Refining and gantry loading has earned him the market leader in the downstream sector. The era of hoarding and price manipulation is gone.

The market share war has forced all players to sit up, thus, it should start reflecting through the reduction of fuel at the pump.”

He further called on the regulatory authority to completely regulate filling stations, so the constant price reduction at the depot would reflect at the pump immediately.



Source link

You Might Also Like

Man United ‘readying an offer for PSG goalkeeper Gianluigi Donnarumma’

I Am Still Relevant – Mercy Aigbe Reflects on Her First AMVCA Win

Nigerian-British art dealer, Ochuko Ojiri charged with terror offence in UK after probe into terrorist financing

We’ve 28 More Witnesses Against Yahaya Bello – EFCC Tells Court

TAGGED: Depots, drops, fuel, N27litre, price, private
Brainbox February 4, 2025
Share this Article
Facebook Twitter Email Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

New Releases

Trending Stories

Manchester United are reportedly plotting an audacious swoop for Paris Saint-Germain goalkeeper Gianluigi Donnarumma
Latest News

Man United ‘readying an offer for PSG goalkeeper Gianluigi Donnarumma’

May 9, 2025
Game

World of Warcraft Burning Crusade Classic Leaks Ahead of BlizzCon

May 14, 2022
News

She-Hulk: Attorney at Law review – female empowerment has never been so much fun

May 16, 2022
World News

Eight years after leading Buhari to Obasanjo, Tinubu meets ex-president for own ambition

May 16, 2022
Sport

Nationwide blackout, N3b lost to TCN strike as grid crashes

May 16, 2022
Entertainment

British billionaire Sir Jim Ratcliffe move to buy Man United

May 16, 2022

Follow US on Social Media

Facebook Youtube Steam Twitch Unity

© Brainbox News Network. All Rights Reserved.

More from Brainbox

  • Job @brainboxnews.com
  • Privacy Policy
  • Advertise
  • Subscribe

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?