Dangote Reduces Petrol Price to N1,075 per Litre

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of petrol from N1,125 to N1,075 per litre, effective immediately. This N50 cut represents a 4.4% decrease and is the second price adjustment within a week, following a previous reduction from N1,175 to N1,125 per litre.

A senior official from Dangote Petroleum Refinery, who requested anonymity, stated that the price change aligns with efforts to enhance market competitiveness. The refinery has also suspended its 20-member consortium arrangement for product loading to facilitate better market access.

The recent price cuts are part of a broader strategy to ensure that Nigerians benefit from a deregulated petroleum market, as emphasized by Minister of State for Petroleum Resources, Heineken Lokpobiri. He asserted that fuel prices should be determined by market forces rather than government intervention.

The Nigerian midstream and downstream petroleum regulatory authority has reiterated that petrol prices should reflect a deregulated regime, warning against price manipulation in the market.