The Dangote Refinery has slashed the gantry price of petrol from N865 to N835 per litre, following a recent fall in crude oil prices
Anthony Chiejina, Group Chief Branding and Communications Officer, disclosed this in a statement issued Wednesday in Lagos.
The company explained that the 3.5 per cent reduction reflects the decline in international crude oil prices, which dropped to $64 per barrel from over $70 in recent weeks.
This marks the third price slash by the refinery in less than six weeks, as part of efforts to ease the cost burden on Nigerians and contribute to national economic recovery.
The previous price, N865 per litre, had only been in effect for six days following an earlier reduction from N880. However, many oil marketers failed to reflect the cuts at the retail level.
To ensure consumers benefit from this latest reduction, Dangote Refinery has partnered with key downstream players, including MRS, Ardova Plc, Heyden, Optima Energy, Hyde, and Tecno Oil.
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With this arrangement, retail prices are expected to hover around N890 per litre in Lagos, N900 in the South-West, N910 in the North-Central and North-West, and N920 in the South-East, South-South, and North-East zones.
The refinery urged its partners to transfer the savings directly to consumers, stressing the importance of transparency and fair pricing in the distribution chain.
The Dangote Refinery, situated in Lagos, has a processing capacity of 650,000 barrels per day and plays a strategic role in Nigeria’s efforts to end reliance on imported refined petroleum products.
The refinery’s consistent price adjustments are expected to influence local market dynamics and provide a benchmark for pricing as more domestic supply comes on stream.
Industry watchers anticipate a ripple effect on transportation and commodity prices if retailers pass on the refinery’s reduced gantry rates to end users.
NAN
