Dangote Reduces Petrol Price to ₦1,200 per Liter

Dangote Petroleum Refinery announced a reduction in the price of petrol by ₦75, lowering the price per liter from ₦1,275 to ₦1,200. This change comes just two days after the refinery had adjusted the price upwards to ₦1,350.

The new declaration nullifies the previous price increase and reinstates the former price structure, addressing immediate concerns within the downstream market. Traders had already begun to reposition themselves in anticipation of a higher price regime.

Meanwhile, a former Minister of Petroleum Resources testified in the Southwark Crown Court in London regarding the approval of oil contracts during her tenure, indicating that the operational structure of Nigeria's oil industry limits direct influence on decisions made by officials of the Nigerian National Petroleum Corporation (NNPC). Diezani, the former minister, explained that contracts had undergone extensive technical and regulatory scrutiny before approval, which is typically completed beforehand.