The Dangote Refinery has once again reduced the ex-depot price of petrol, slashing it from N840 to N820 per litre. This marks a total reduction of N60 within a week, following an earlier drop from N880 to N840.
According to the Group’s spokesperson, Anthony Chiejina, the latest reduction aims to ease the burden on consumers. “We have reduced petrol gantry price to N820 from N840 per litre,” he stated, adding that the new price took effect on Tuesday.
Just weeks ago, major fuel distributors including Dangote and the Nigerian National Petroleum Company (NNPC) increased petrol prices, citing rising global crude oil prices due to the Israel-Iran conflict. The hike had pushed pump prices to between N915 and N955, depending on the region, with the far north recording rates as high as N960 to N980 per litre due to transportation costs.
However, global crude oil prices have since fallen below $70 per barrel following a de-escalation in tensions between Israel and Iran, prompting a corresponding drop in local petrol prices.
As of Tuesday, several filling stations in Lagos and Ogun States sold petrol for between N875 and N890 per litre, with a further decline expected.
