Dangote Refinery reduces petrol price

The Dangote Refinery has reduced the price of petrol to retailers from N880 per litre to N840 per litre.

The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, in a short message sent to PREMIUM TIMES on Monday night, said the price adjustment takes effect from 30 June.

“Premium Motor Spirit (PMS) price reduced from N880 to N840 effective 30th June,” Mr Chiejina said.

The reduction is part of the market’s response to recent fluctuations in global crude oil prices.

In mid June, Dangote refinery increased its ex-depot petrol price to N880 per litre from N825, reflecting the surge in crude costs at the time.

On Monday, crude oil prices fell slightly amid easing Middle East tensions and possible OPEC+ output increase in August.

Brent futures settled down 16 cents, or 0.2 per cent, to $67.61 a barrel and expired on Monday. The more active September contract ended at $66.74. U.S. West Texas Intermediate crude settled down 41 cents, or 0.6 per cent, at $65.11 a barrel.

ALSO READ: NNPC increases petrol price

Crude oil price reductions significantly impact retail fuel prices at filling stations due to the inherent volatility in the international oil market.

With Dangote Refinery’s price drop, oil marketers are expected to follow suit by lowering their pump prices, potentially leading to reduced retail fuel costs for consumers.