The Dangote Petroleum Refinery has announced a significant reduction in the ex-gantry price of premium motor spirit (petrol), lowering the rate to N699 per litre — a drop of N129 from the previous price of N828.
Sources within the refinery confirmed the new price on Thursday, describing the move as part of ongoing efforts to make domestic fuel prices more competitive.
“The refinery reduced its petrol price to N699 per litre,” one source said.
Abubakar Garima, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), also confirmed the development, noting that the refinery has advised marketers to begin lifting petrol at the new rate in preparation for the festive period.
“The refinery reduced the price to N699 per litre and told marketers that we can start buying the product for the festive season,” he said.
The latest reduction brings petrol costs close to levels recorded two years ago, marking one of the most substantial cuts since the refinery began domestic supply.
Aliko Dangote, President of the Dangote Group, had earlier pledged that the refinery would continue lowering prices to remain competitive against imported fuel.
“Prices are going down. The reason why prices have to go down is because we have to also compete with imports,” he said, adding that both diesel and petrol would “continue to be sold in the market at a very reasonable price.”
The fresh cut from Dangote follows a similar move by the Nigerian National Petroleum Company (NNPC) Limited, which on 27 November reduced petrol prices at its retail stations to N900 per litre in Lagos and N940 per litre in Abuja.
With petrol costs falling from both the national oil company and the new private refinery giant, consumers may experience some relief as the festive season approaches.
Melissa Enoch
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