Fuel depot owners across Nigeria have begun reducing the price of petrol, with some depots now offering the product at rates lower than that supplied by the Dangote Refinery.

Industry sources say the reduction follows adjustments in international crude oil prices and changes in import costs.

Depot operators noted that the new pricing structure could influence retail fuel prices in the coming days, depending on how marketers respond to the adjustments.

Market analysts say competition between imported products and locally refined petrol from the Dangote Refinery could lead to further price adjustments in the downstream sector.

Stakeholders in the oil and gas industry say the development may offer some relief to consumers who have been grappling with rising fuel costs across the country.