Dangote Refinery Cuts Petrol Price Amid Crude Price Drop

Dangote Petroleum Refinery has announced a reduction in petrol prices by N25 per litre, bringing the price down to N1,250. This decision is in response to the recent decline in global crude oil prices, which fell from around $111 per barrel to $91.

A Dangote Group official, who requested anonymity, confirmed the price reduction, emphasizing the volatility of oil prices and the need for caution. The current global oil price dynamics have influenced other suppliers, with Aiteo and Nipco selling petrol at N1,272 per litre and Integrascon African Termin trading at approximately N1,274 per litre.

The reduction comes amid ongoing negotiations between the United States and Iran, which aim to resolve the conflict in the Middle East and facilitate the reopening of the Strait of Hormuz. This situation has led to a significant fluctuation in fuel prices globally, with Nigeria's petrol price previously increasing to N1,300 per litre.