-
Company cuts price twice in one week amid global crude price drop.
-
Filling stations in Lagos, Ogun sell below N900 as supply improves.
-
Israel-Iran truce triggers fall in oil prices, easing local fuel costs.
The Dangote oil refinery has reduced the ex-depot price of petrol from N840 to N820 per litre, marking a second price cut within seven days.
The company’s spokesman, Mr Anthony Chiejina, confirmed the N20 reduction on Tuesday, stating it was aimed at easing the burden on Nigerians.
“We have reduced petrol gantry price to N820 from N840 per litre,” he said, adding that the adjustment took effect immediately.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
This brings the total price drop to N60 within a week, representing a 6.8 per cent cut since last Tuesday, when Dangote reduced prices from N880 to N840 per litre.
The refinery had earlier raised prices alongside the Nigerian National Petroleum Company (NNPC) and major distributors, citing high crude oil costs caused by tensions between Israel and Iran.
With crude prices now falling below $70 per barrel as hostilities eased in the Middle East, petrol pump prices have also begun dropping across Nigeria.
READ ALSO: Fuel Price Drops Nationwide as Marketers React to Dangote Slash
Many filling stations in Lagos and Ogun States were observed selling between N875 and N890 per litre on Tuesday, with further marginal reductions expected nationwide.
Marketers said petrol prices in northern Nigeria may remain slightly higher due to transportation costs, though the downward trend is likely to continue if global crude markets remain stable.
