The Dangote Refinery has reduced its petrol price to retailers, lowering the ex-depot rate from N880 per litre to N840 per litre.
Anthony Chiejina, Group Chief Branding and Communications Officer at Dangote Industries Limited, confirmed the price adjustment in a message to PREMIUM TIMES on Monday night, noting that it took effect from June 30.
“Premium Motor Spirit (PMS) price reduced from N880 to N840 effective 30th June,” Chiejina said.
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The adjustment comes as a response to recent fluctuations in global crude oil prices. In mid-June, the refinery increased its ex-depot petrol price to N880 per litre from N825, following a surge in international crude costs.
However, crude oil prices eased slightly on Monday amid reduced tensions in the Middle East and expectations of an OPEC+ output increase in August. Brent futures settled at $67.61 per barrel, down 16 cents, while the more active September contract closed at $66.74. U.S. West Texas Intermediate crude dropped by 41 cents to settle at $65.11 per barrel.
Crude oil price volatility directly impacts retail fuel costs at filling stations. With Dangote Refinery’s latest reduction, oil marketers are expected to adjust their pump prices downward, potentially bringing relief to consumers nationwide.
