Nigeria Reduces Petrol Prices After Dangote Refinery Cuts Rates

On Tuesday, petrol prices in Nigeria saw a reduction after Dangote Refinery announced a N100 per litre cut in its gantry price, bringing it down to N1,075 per litre. Following this decision, several filling stations, including Ranoil and Sharon in Abuja, adjusted their prices, with Ranoil selling petrol at N1,260 per litre, down from N1,350 per litre.

However, the Nigerian National Petroleum Company (NNPC) retail outlets reportedly increased their prices to N1,330 per litre. The price adjustments come in the wake of a decline in global crude oil prices.

The Petroleum Product Retail Outlet Owners Association of Nigeria, represented by Billi Gilli Harris, indicated that filling stations across the country may continue to adjust their prices downward by the end of the week. Additionally, Dangote Refinery temporarily suspended gantry petrol sales on Sunday, which may have influenced the immediate price reductions observed on Tuesday.