Dangote Refinery Lowers Fuel Prices Amid Oil Price Drop

Dangote Refinery has announced a reduction in fuel prices, specifically cutting the diesel price by ₦100 from ₦1,700 to ₦1,600 per liter, representing a 5.9 percent decrease. Additionally, the price of jet fuel has been reduced by ₦100, moving from ₦1,550 to ₦1,450 per liter.

The adjustments are linked to a drop in global crude oil prices, which fell below $80 per barrel for the first time in three months. The price cuts are part of a strategy to remain competitive as private depot operations begin to lower prices.

Chinedu Ukadik, from the Independent Petroleum Marketers Association of Nigeria (IPMAN), noted that despite these reductions, retail fuel stations have not yet adjusted their pump prices due to existing stock costs. He urged consumers to be patient as immediate adjustments could lead to significant financial losses for station owners.

The refinery's price announcements typically pause briefly to allow the market to adjust.