The Dangote Refinery has announced a fresh reduction in the price of petrol, lowering it from N840 to N820 per litre. This marks a N60 drop within a week, following a previous cut from N880 to N840.
Spokesman for the Dangote Group, Anthony Chiejina, confirmed the development on Tuesday, stating that the move was aimed at making petrol more affordable for Nigerians. “We have reduced petrol gantry price to N820 from N840 per litre,” he said, adding that the new price took effect immediately.
This latest adjustment comes shortly after a recent spike in petrol prices by Dangote, NNPC, and other major distributors. The increase had been attributed to rising global crude oil prices, driven by the recent conflict between Israel and Iran.
At the height of the surge, pump prices ranged between N915 and N955 per litre across Nigeria, with some remote northern areas experiencing prices as high as N980 due to transportation costs.
However, with crude oil prices dropping below $70 per barrel following a de-escalation in the Israel-Iran conflict, petrol prices have also started to decline. As of Tuesday, filling stations in Lagos and Ogun States were selling petrol between N875 and N890 per litre.
A further reduction in pump prices is expected in the coming days.