By Mary Izuaka

 

Dangote Petroleum Refinery has announced a reduction in its petrol gantry prices by N50, reducing the ex-depot rate from N1,215 to N1,165 per litre.

The company also cut the price of Automotive Gas Oil (diesel) to N1,570 per litre from N1,650 per litre.

The company in a statement on Wednesday said the price adjustment takes effect from 6 August.

“Under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre,” the statement said.

According to the statement, the price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria.

The refinery said it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.

“As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.”

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The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

The reduction is part of the market’s response to recent fluctuations in global crude oil prices.

On Wednesday, oil prices edged ‌lower on hopes of a de-escalation in Iran war hostilities that could restore shipping traffic in the Strait of Hormuz and oil flows in the Middle East.

Brent crude futures were down 2 cents, or 0.03 per cent, at $79.34 a ⁠barrel by 11:51 a.m. ET (1551 GMT). U.S. West Texas Intermediate futures fell 35 cents, or 0.46 per cent, to $75.42.