Petrol Prices to Fall as Dangote Refinery Cuts Price
The price of petrol is expected to drop below N900 per liter following a recent announcement from the Dangote Group. In a statement released on Tuesday, the company's Chief Branding and Communications Officer, Anthony Chiejina, announced a N30 reduction in the ex-depot price of petrol, bringing it down from N850 to N820 per liter.
This move is a direct response to recent price hikes at filling stations. Despite a weekend decline in crude oil prices, many retailers, including those operated by the Nigerian National Petroleum Company Limited, had raised their prices to N900 per liter or more in states like Lagos and Ogun.
With this new price cut, industry experts predict that the pump price of petrol could return to approximately N865 per liter in Lagos and N875 per liter in Ogun and surrounding areas.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) had previously anticipated this price drop.
In addition to the price cut, the Dangote refinery is also focused on sustainable energy solutions.
The company plans to begin rolling out 4,000 Compressed Natural Gas (CNG)-powered trucks on August 15 to help distribute fuel across Nigeria.