The Dangote Petroleum Refinery has announced a reduction in its petrol gantry price by N25, reducing the ex-depot rate from N1,275 to N1,250 per litre.
The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, confirmed this in a short message sent to ThePreview Media on Saturday.
Mr Chiejina said the company also cut the price of Automotive Gas Oil (diesel) to N1,700 per litre from N1,800 per litre.
The reduction is part of the market’s response to recent fluctuations in global crude oil prices.
Crude oil prices fell more than 2 per cent on Friday, closing out their steepest weekly decline since early April.
Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66, or 1.8 per cent. WTI U.S. oil futures finished at $87.36 a barrel, down $1.54 or 1.7 per cent.
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Brent has plunged by about 11 per cent this week, its steepest weekly decline in seven weeks. WTI has dropped by more than 9 per cent for its biggest weekly loss in six. Both benchmarks hit their lowest price since mid-April.
On Saturday, Mr Chiejina said the price review comes amid the refinery’s continued efforts to improve supply efficiency, deepen domestic refining, and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations.
Since commencing operations, he said the 650,000 barrels per day refinery has increasingly supplied the domestic market with refined products aimed at eliminating the country’s dependence on imported fuels.
