The Dangote Petroleum Refinery has once again lowered the price of petrol, this time reducing it from N840 to N820 per litre, in a move aimed at easing cost burdens on Nigerians. The N20 reduction comes barely a week after the company slashed the price from N880 to N840, making for a total drop of N60 per litre a 6.82% decrease within seven days.
Confirming the price adjustment, Anthony Chiejina, Group spokesperson for Dangote, said the new rate took effect on Tuesday, and that the reduction was part of the company’s efforts to make fuel more accessible to the public.
“We have reduced petrol gantry price to N820 from N840 per litre,” he said.
Just a few weeks ago, Dangote, alongside the NNPC and other major fuel suppliers, had hiked petrol prices, citing rising global crude oil costs linked to the brief flare-up in tensions between Israel and Iran. At the time, pump prices soared, with some stations selling for as high as N980 per litre in the far north due to transportation costs and distribution challenges. Prices in most urban areas ranged from N915 to N955 per litre.
But with global oil prices sliding back down falling below $70 per barrel petrol prices are beginning to reflect the change. The recent price drop is largely attributed to the de-escalation of hostilities in the Middle East, which calmed market fears over potential supply disruptions.
By Tuesday, filling stations in Lagos and Ogun states had adjusted pump prices downward, selling petrol between N875 and N890 per litre. Industry analysts say a further modest reduction in pump prices may follow, depending on how the crude market behaves in the coming days.
