Dangote Refinery Cuts Petrol Prices Amid Crude Decline

Following a decline in international crude oil prices, Dangote Refinery has reduced its petrol gantry price by N25, from N1,350 to N1,325 per litre. Other marketers in Lagos, including Ascon, Integrated, Pinnacle, and Sahara, have also lowered their prices by N24 per litre.

MRS has decreased its depot price by N20 to N1,332 per litre. The adjustments come as Brent crude dropped below $100 per barrel, trading at $99.77, while West Texas Intermediate fell to $91.17.

In Port Harcourt, Masters reduced its petrol price by N2 to N1,328 per litre, and in Warri, Keonamex lowered its price to N1,327. Diesel prices also saw reductions across various depots.

The latest wholesale reductions could lead to cheaper petrol for motorists, although retail prices currently range between N1,370 and N1,450 per litre. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) plans to convene a meeting with key players in the downstream sector to discuss pricing.