Nigeria: Again, Dangote Refinery Reduces Petrol Price

Despite the recent rise in crude oil prices, which pushed both Brent and West Texas Intermediate (WTI) crude to their highest closing levels since June 23, the Dangote Refinery has maintained its commitment to price stability.

The Dangote refinery has reduced the price of petrol from N840 per litre to N820 per litre, marking another price cut in recent weeks.

The company's Group Chief Branding and Communications Officer, Anthony Chiejina, disclosed this in a short message sent to PREMIUM TIMES on Tuesday night.

"We have reduced gantry price to N820 from N840," Mr Chiejina said.

The refinery had previously reduced the price of petrol from N880 per litre to N840 per litre on 30 June, reflecting the drop in global crude oil prices at the time.

Despite the recent rise in crude oil prices, which pushed both Brent and West Texas Intermediate (WTI) crude to their highest closing levels since 23 June, the Dangote Refinery has maintained its commitment to price stability.

On Tuesday, crude oil prices rose, nearing two-week highs as markets absorbed the impact of OPEC+ larger-than-expected production hike and uncertainty surrounding US trade policy.

Brent crude futures rose 88 cents, or 1.3 per cent, to $70.46 a barrel at 1:07 p.m. EDT (1707 GMT), while US West Texas Intermediate (WTI) crude rose 75 cents, or 1.1 per cent, to $68.68. The move pushed both crude benchmarks to their highest closing levels since 23 June, marking a second consecutive day of gains.

In May, Dangote refinery reaffirmed its commitment to maintaining price stability for petrol, despite global crude oil price fluctuations.

At the time, Mr Chiejina said the decision reflects the company's unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.

On 15 June, the Dangote Petroleum Refinery announced a major initiative to transform Nigeria's fuel distribution landscape. At the time, the company said that, effective 15 August, it will begin distributing petrol and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country.

With Dangote Refinery's price drop, oil marketers are expected to follow suit by lowering their pump prices, potentially leading to reduced retail fuel costs for consumers.

Read the original article on Premium Times.