DANGOTE REFINERY SLASHES PETROL PRICE TO N820 PER LITRE IN SECOND CUT WITHIN A WEEK

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By Aishat Momoh. O.

The Dangote Petroleum Refinery has again reduced the price of Premium Motor Spirit (PMS), popularly known as petrol, bringing the ex-depot price down to N820 per litre from the previous N840, marking a N20 drop within a week.

This follows an earlier reduction from N880 to N840, resulting in a total decrease of N60 (about 6.82 per cent) in less than seven days.

Speaking on the development, spokesperson for the Dangote Group, Anthony Chiejina, confirmed the latest price adjustment on Tuesday, stating that the move is aimed at making fuel more affordable for Nigerians amid ongoing economic challenges.

“We have reduced petrol gantry price to N820 from N840 per litre,” Chiejina said, adding that the new rate took immediate effect from Tuesday.

The price cut comes weeks after Dangote, the Nigerian National Petroleum Company (NNPC), and other major distributors had raised PMS prices due to rising crude oil costs globally, spurred by escalating tensions between Israel and Iran.

At the height of that crisis, pump prices surged to between N915 and N955 per litre in various parts of the country, with some northern regions experiencing even higher prices up to N980 due to increased transportation costs.

However, with crude prices now falling below $70 per barrel, following a de-escalation in Middle East hostilities, the cost of petrol has begun to drop accordingly.

As of Tuesday, filling stations across Lagos and Ogun States were observed selling petrol at between N875 and N890 per litre, reflecting the refinery’s latest pricing decision. A further marginal decline in pump prices is anticipated as the market continues to adjust.

The Dangote Refinery’s decision is expected to bring some relief to motorists and consumers who have been grappling with high fuel prices and rising living costs.

This move also signals a potentially stabilising trend in the downstream oil sector as local production increases and global crude prices moderate.