The Dangote Petroleum Refinery has reduced the ex-gantry price of its premium motor spirit (petrol) to ₦699 per litre, marking a N129 drop from the previous price of ₦828 per litre.
A source at the refinery confirmed the new pricing, saying, “The refinery reduced its petrol price to ₦699 per litre.”
Also commenting, Abubakar Garima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price reduction.
He stated, “The refinery reduced the price to ₦699 per litre and informed marketers that we can start purchasing the product ahead of the festive season.”
The latest cut takes the ex-depot value to almost the price the commodity was sold for two years ago.
The development comes amid plans by the refinery to maintain attractive domestic price for the commodity.
Aliko Dangote, president of the Dangote Group, had said his refinery will continue to reduce the price of the product to compete with importers.
“Prices are going down. The reason why prices have to go down is because we have to also compete with imports,” Dangote said.
The billionaire entrepreneur said petroleum products (diesel and petrol) “will continue to be sold in the market at a very reasonable price”
On November 27, the Nigerian National Petroleum Company (NNPC) Limited also cut petrol prices at its retail outlets, bringing the cost down to ₦900 per litre in Lagos and ₦940 per litre in Abuja.
