Dangote Petroleum Refinery has announced a reduction in its ex-depot price for petrol to ₦840 per litre, marking a ₦40 decrease from the previous rate of ₦880.
The move signals a positive shift for downstream operators and may offer some relief to consumers grappling with rising fuel costs.
This price cut comes just five days after the Nigerian National Petroleum Company (NNPC) Limited raised the official pump price of petrol in Lagos to ₦925 per litre. The timing suggests a potential reaction to competitive market dynamics or efforts to stabilize local pricing.
Only a week ago, Dangote refinery had increased its ex-depot petrol price to ₦880, making the latest move a swift reversal. The fluctuation in pricing underscores the volatility in the domestic fuel supply chain, influenced by both internal strategies and global market forces.
According to a Monday update by Anthony Chiejina, Chief Corporate Communications Officer of Dangote Group, the price reduction reflects current trends in international oil markets. Brent crude oil, for instance, fell by 1.54 percent—from $68.67 on June 23 to $67.61—by the close of business.
Looking ahead, the refinery reiterated its commitment to improving domestic fuel supply. It confirmed plans to commence nationwide distribution of diesel and petrol by August 15, a key milestone in its commercial operations.
To support this expansion, Dangote has acquired 4,000 compressed natural gas (CNG)-powered tankers. The new fleet is expected to enhance fuel delivery efficiency while supporting cleaner energy initiatives across Nigeria’s transportation network.