Petrol pump prices could drop below N900 per litre following a N30 cut in the ex-depot price by Dangote Petroleum Refinery.
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In a statement on Tuesday, the company’s Chief Branding and Communications Officer, Anthony Chiejina, announced that the refinery had reduced its Premium Motor Spirit ex-depot price from N850 to N820 per litre, effective August 12.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The refinery said the move was part of its commitment to national development and assured of steady supply.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
In recent days, many filling stations, including those owned by the Nigerian National Petroleum Company Limited, raised prices to N900 per litre and above, despite crude oil prices slipping from about $69 to $66 per barrel. Stations along the Lagos-Ibadan Expressway displayed varying prices on Monday, with marketers citing market dynamics rather than exchange rate changes.
With Dangote’s reduction, pump prices are expected to fall to around N865 in Lagos and N875 in Ogun and nearby areas. Petroleum Products Retail Outlet Owners Association of Nigeria spokesman, Joseph Obele, had earlier hinted at a possible price drop this week.
The refinery also disclosed plans to begin the phased rollout of 4,000 Compressed Natural Gas-powered trucks for nationwide fuel distribution from August 15.
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