The Dangote Petroleum Refinery has reduced its petrol gantry price by N25 per litre, lowering the cost from N1,275 to N1,250, representing a two per cent decrease.
Market checks by Vanguard confirmed the development as competition intensifies in Nigeria’s deregulated downstream petroleum market amid declining crude oil prices in the international market.
An official of the refinery on Saturday confirmed the price adjustment, attributing it to the sustained drop in global crude oil prices, the refinery’s major feedstock.
The official attributed the price adjustment to the recent decline in crude oil prices on the international market.
“We have reduced the petrol price to N1,250 at our gantry. This has to do with the current reduction in global oil prices, though everything is still volatile and requires caution,” he said.
He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”
However, findings showed that many filling stations across the country are yet to reflect the new pricing, with petrol still selling above N1,350 per litre depending on location and marketer.
Also Read: Dangote Refinery raises petrol price to ₦1,350
The latest adjustment is expected to influence pricing across the downstream petroleum sector, particularly among marketers sourcing products from the refinery.
Meanwhile, the refinery recently stated that it has become a major driver of Nigeria’s improving economic outlook following the country’s sovereign credit rating upgrade by S&P Global Ratings.
According to the company, S&P upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising oil production and increased domestic refining capacity as key factors supporting the nation’s economic recovery.
The refinery noted that the global ratings agency specifically identified the operational ramp-up of the 650,000 barrels-per-day Dangote Petroleum Refinery & Petrochemicals as a significant contributor to Nigeria’s improving balance of payments position and broader economic resilience.
“Significant refining capacity is now also online; Dangote Industries Ltd.’s large-scale refinery and petrochemical complex have ramped up to near its maximum capacity of 650,000 barrels per day,” the company stated.
Diesel and aviation fuel prices also recorded increases during the period, raising concerns among businesses and transport operators.
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