The Dangote Petroleum Refinery has further reduced the price of petrol, dropping it from N840 to N820 per litre—a N20 cut just a week after slashing the price from N880.
This brings the total reduction to N60 per litre, or about 6.8%, within one week.
Confirming the development on Tuesday, Dangote Group spokesperson Anthony Chiejina said the move is aimed at making fuel more affordable for Nigerians. We have reduced the petrol gantry price to N820 from N840 per litre, Chiejina stated.
This price cut follows a recent hike by Dangote, NNPC, and other fuel marketers less than three weeks ago. At the time, petrol prices soared to between N915 and N955 per litre at filling stations, attributed to a spike in global crude oil prices due to tensions between Israel and Iran.
However, with crude oil prices falling below $70 per barrel last week—following a de-escalation of hostilities between the two Middle Eastern nations—petrol prices have started to ease.
As of Tuesday, several filling stations in Lagos and Ogun states were selling petrol below N900 per litre, and further reductions at the pump are expected in the coming days.
