In a move aimed at further easing the financial burden on Nigerians, the Dangote Petroleum Refinery has announced another reduction in the pump price of petrol, lowering it from ₦840 to ₦820 per litre.
This marks the second price cut within a week, following an earlier reduction from ₦880 to ₦840, bringing the total decrease to ₦60—a 6.82% drop in just seven days.
Confirming the development on Tuesday, Anthony Chiejina, spokesperson for the Dangote Group, said the decision underscores the company’s commitment to supporting Nigerians during tough economic times by making fuel more affordable and accessible.
“We have reduced petrol gantry price to N820 from N840 per litre,” he stated, noting that the price slash took effect from Tuesday.
Recall that Dangote, NNPC and other major fuel distributors in Nigeria hiked petrol prices less than three weeks ago, blaming this on the rise in crude oil prices in the international market as occasioned by the conflict between Israel and Iran.
The pump prices of petrol hovered between N915 and N955 at the pumps, then, depending on the location. It was below N900 before the sudden hike.
During the price hike, marketers stated that the product was sold at N960 and N980 in the far north because of the distance.
However, as crude prices fell below $70 last week, the pump prices of PMS also declined. Crude prices had crashed because Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East.
As of Tuesday, many filling stations sold petrol below N900 per litre in Lagos and Ogun States.
People’s Pen24 reports that the filling stations sold petrol at rates ranging from N875 to N890 a litre.
A marginal drop is expected in the price of the product at the pumps.
