The Dangote Petroleum Refinery has announced another reduction in the ex-depot price of petrol, lowering it from N840 to N820 per litre.
This marks the second time within a week that the refinery has cut prices, having previously reduced the rate from N880 to N840.
The latest adjustment represents a total decrease of N60, or approximately 6.82 percent, in just one week.
Confirming the development on Tuesday, the Group’s spokesperson, Anthony Chiejina, said the price reduction was aimed at easing the burden on Nigerians and making the product more accessible.
“We have reduced the petrol gantry price to N820 from N840 per litre,” Chiejina stated, noting that the change took effect immediately.
This latest price drop comes less than three weeks after Dangote, the Nigerian National Petroleum Company (NNPC), and other major fuel marketers increased petrol prices, attributing the surge to rising global crude oil prices driven by tensions between Israel and Iran.
During the hike, petrol prices at retail outlets ranged between N915 and N955 per litre, depending on location, while some northern states recorded prices as high as N960 to N980 due to transport costs.
However, as crude oil prices fell below $70 last week—following a de-escalation in hostilities between Israel and Iran—the cost of petrol at filling stations also began to decline.
As of Tuesday, filling stations in Lagos and Ogun states were selling petrol between N875 and N890 per litre, according to findings by PUNCH Online.
A slight drop in pump prices is anticipated in the coming days.
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