Dangote Refinery Cuts Petrol Price to ₦828 Amidst Rising Crude Oil Costs

Dangote Refinery has lowered the price of premium motor spirit (petrol) from ₦877 to ₦828 per liter, marking a 5.6% reduction. This adjustment comes amidst a climb in crude oil prices to around $64 per barrel.

The price cut is linked to reinforced crude supply arrangements with the NNPC, aiming to stabilize supply and lower costs. Despite global crude fluctuations, Dangote's petrol price remains below import parity.

Nigeria's fuel import volumes have significantly declined to below 200,000 barrels per day. The move is expected to impact retail fuel prices at filling stations nationwide.