The refinery has slashed its price by N49 per litre, lowering it from N877 to N828. This price adjustment, which took effect on Friday, marks a 5.6% decrease and is the refinery’s second major price revision in three months.

The decision comes amid continued fluctuations in the global oil market and follows the refinery’s ongoing efforts to stabilize domestic fuel supply and manage rising operational costs. According to a report by Petroleumprice.ng, the price cut was confirmed by several industry sources, including a marketing representative, who confirmed the new price structure.

Despite the price reduction, petrol prices at pump stations remain high across the country due to tightening fuel margins and the overall cost of distribution. As of the latest data, MRS Oil was selling petrol at N870 per litre in the parallel depot market, while other major depots have yet to align their prices with Dangote’s new pricing structure.

The Major Oil Marketers Association of Nigeria, MOMAN, also confirmed the reduction in its daily energy bulletin. However, the same bulletin reported that other key petroleum products, such as diesel and aviation fuel, have seen significant price increases, even as the price of petrol has dropped slightly.

The price of petrol in the parallel market remains higher than Dangote’s refinery gantry price. The 30-day moving average price for petrol, after accounting for various additional costs like freight and port charges, stood at N824.10 per litre, while spot market prices were reported at N830.80 per litre for ASPAM and N830.82 per litre for NPSC–NOJ.

The reduction in petrol prices by Dangote Refinery comes at a time of intense economic debate, particularly regarding the proposed 15% tariff hike in the power sector. Olatide Jeremiah, CEO of Petroleumprice.ng, noted that the price cut is a positive development, signaling Dangote Refinery’s commitment to ensuring the affordability and availability of key petroleum products.

Source: Punch