The Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N840 per litre.
This marks a N40 decrease from the previous rate of N880.
The announcement comes after the Nigerian National Petroleum Company (NNPC) Limited raised the pump price of petrol to N925 per litre in Lagos, sparking mixed reactions across the fuel market.
Dangote Group’s Chief Corporate Communications Officer, Mr Anthony Chiejina, confirmed the price adjustment in a statement on Monday. According to him, the review was influenced by the recent drop in global crude oil prices. Brent crude, for instance, declined by 1.54 percent from $68.67 on June 23 to $67.61 as of market close.
Just a week ago, the refinery had raised its petrol ex-depot price to N880 per litre before reversing the increase with the new pricing.
In addition to the price cut, Dangote Refinery is gearing up to commence the nationwide distribution of petrol and diesel by August 15. The company said it has acquired 4,000 new compressed natural gas (CNG)-powered tankers to support this effort and boost fuel delivery across Nigeria.
In a recent update on June 29, the Dangote Group stated that its new distribution strategy is projected to save Nigerians over N1.7 trillion annually. The company disclosed that it has invested more than N720 billion in acquiring the 4,000 CNG-powered trucks for this purpose.
