The Dangote Refinery has once again reduced the price of petrol, bringing it down to N820 per litre from the previous N840, marking a N20 reduction just one week after the price dropped from N880.
This cumulative N60 slash in the space of a week represents a 6.82 percent decrease, signaling a significant move by Africa’s largest refinery to cushion the impact of fuel costs on Nigerians.
Confirming the development, Anthony Chiejina, spokesperson for the Dangote Group, told The PUNCH on Tuesday that the latest price cut is aimed at easing the burden on consumers.
“We have reduced petrol gantry price to N820 from N840 per litre,” he said, adding that the adjustment took effect from Tuesday.
This development comes just weeks after Dangote, in conjunction with the Nigerian National Petroleum Company (NNPC) and other major fuel marketers, increased petrol prices, citing rising international crude oil prices due to escalating tensions between Israel and Iran.
During the period of the hike, petrol pump prices spiked to between N915 and N955 depending on the region, with some areas in the far north recording prices as high as N960 to N980, largely due to logistics and transportation distances.
However, with crude oil prices recently falling below $70 per barrel—a consequence of the easing tensions between Israel and Iran—fuel prices have also started trending downwards.
As of Tuesday, motorists in Lagos and Ogun States reported buying petrol at rates between N875 and N890 per litre at various filling stations, down from previous highs.
A further marginal drop in pump prices is expected in the coming days, offering relief to consumers amid Nigeria’s persistent inflationary pressures.
