Dangote Reduces Petrol Price by N50 to N1,075 per Liter

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of petrol by N50, bringing it down to N1,075 per liter. This adjustment represents a 4.4% decrease from the previous price of N1,125 per liter and marks the second price cut within a week.

The new pricing regime took effect immediately, with the refinery aligning its coastal load price to N1,075 per liter. A senior official from Dangote Petroleum Refinery confirmed this development, stating that the refinery is working to enhance market access and ensure seamless distribution of products across Nigeria.

The price reduction comes amid increasing competition in the downstream sector and efforts by the federal government to ensure that Nigerians benefit from a deregulated petroleum market. Minister of State for Petroleum Resources, Heineken Lokpobiri, emphasized that fuel prices should be determined by market forces rather than government intervention.

The latest price cut is expected to compel filling stations to adjust their pump prices downward.