Dangote Refinery Cuts Petrol Price Again to Ease Pressure on Nigerians
The Dangote Petroleum Refinery has again reduced the price of petrol, cutting it from ₦840 to ₦820 per litre. This new reduction came just one week after the company lowered the price from ₦880 to ₦840 per litre.
This marks a total price cut of ₦60, or about 6.82%, within one week, showing a strong effort to make petrol more affordable for Nigerians.
The spokesperson for Dangote Group, Anthony Chiejina, confirmed the update on Tuesday. He explained that the refinery decided to reduce the cost of fuel as part of its commitment to ease the economic burden on Nigerians.
“We have reduced petrol gantry price to ₦820 from ₦840 per litre,” Chiejina said. He added that the change took effect from Tuesday.
This move comes barely three weeks after petrol prices had increased across Nigeria. The rise at the time was linked to the surge in international crude oil prices, mainly caused by the tensions between Israel and Iran.
During that period, pump prices of petrol ranged between ₦915 and ₦955 per litre, depending on the location. In the far northern parts of Nigeria, petrol reportedly sold for as high as ₦960 to ₦980, mainly because of transportation costs.
However, with crude oil prices falling below $70 per barrel recently, following a pause in the Israel-Iran conflict, global fears about supply disruptions dropped. This resulted in a decline in petrol prices, both at the source and at the pump.
As of Tuesday, many filling stations in Lagos and Ogun States were selling petrol below ₦900 per litre, with prices between ₦875 and ₦890, according to reports. More slight reductions in pump prices are expected across Nigeria soon.
This recent decision by the Dangote Refinery has been welcomed by consumers and industry watchers, as it shows how local refining can help stabilize fuel prices and reduce Nigeria’s heavy reliance on imported petroleum products.
