Dangote Petroleum Refinery has announced a fourth reduction in its ex-depot petrol price within a single month, lowering the rate by N50 to N1,075 per litre. This brings the cumulative reduction since late May to more than N200 per litre.
In a statement issued Wednesday, the refinery attributed the cut to easing international crude prices and the gradual entry of lower-cost crude cargoes into its production cycle, adding that further reductions remain possible if global market conditions continue to favour it.
For consumers, the development signals the possibility of further relief at the pump, as marketers across Nigeria’s deregulated downstream sector typically adjust their prices in line with movements at the refinery’s gantry. Analysts note, however, that the extent of any further reduction will depend on marketers passing on the latest cut in full, as well as the continued availability of cheaper crude on the international market.
The refinery maintains that its long-term objective remains a stable, competitively priced fuel supply, while strengthening the country’s energy security and reducing dependence on imported petroleum products.
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