The Dangote Petroleum Refinery has lowered the price of petrol from N840 to N820 per liter. The N20 cut occurred a week after the refinery reduced the gasoline price from N880 to N840.
This means that the Dangote refinery would lower petrol prices by N60 (6.82%) within a week. The Dangote Group’s spokesperson, Anthony Chiejina, told our reporter on Tuesday that the business has decreased the price to make the goods more affordable to Nigerians.
“We have reduced the petrol gantry price to N820 from N840 per liter,” he remarked, explaining that the price cut took effect on Tuesday.
Recall that Dangote, NNPC, and other major gasoline distributors in Nigeria raised petrol prices less than three weeks ago, basing this on the spike in crude oil prices in the global market.
Petrol pump costs ranged from N915 to N955 depending on location. It was below N900 before the unexpected increase. During the price increase, marketers reported that the goods were offered for N960 and N980 in the far north due to the distance.
However, as crude oil prices plummeted below $70 last week, PMS pump costs fell as well. Crude prices have plummeted after Israel and Iran agreed to cease fighting each other, allaying worries of a Middle Eastern supply disruption.
