Dangote Refinery Slashes Petrol Price by ₦50 per litre, cutting its ex-depot rate to ₦1,125 as global crude oil prices decline.

The Dangote Refinery has announced a fresh reduction in the price of petrol.

The company cut its ex-depot price by ₦50 per litre. As a result, the price dropped from ₦1,175 to ₦1,125 per litre.

The refinery disclosed the adjustment in a notice sent to customers on Thursday.

According to the company, the price reduction follows a decline in global energy costs. In particular, easing tensions in the Middle East have helped to lower crude oil prices.

As crude prices fell, the cost of refined petroleum products also declined in the international market. Consequently, the refinery reviewed its pricing structure.

The company also reduced its gantry loading price. The rate dropped from ₦1,175 per litre to ₦1,125 per litre.

In addition, the coastal supply price recorded a significant reduction. The price fell from ₦1,495,215 per metric ton to ₦1,428,165 per metric ton.

The latest move could bring some relief to marketers. It may also create room for lower pump prices across the country. However, retail prices will depend on decisions taken by fuel distributors and filling station operators.

In recent months, petrol prices have remained a major concern for Nigerians. Therefore, any reduction in wholesale prices is likely to attract public attention.

The adjustment comes at a time when competition in Nigeria’s downstream oil sector continues to increase. As a result, market players are closely monitoring price movements.

Meanwhile, the refinery recently addressed reports concerning the movement of its petroleum products.

The company denied claims that traders export its products to Lomé, Togo, before re-importing them into Nigeria.

According to Dangote Refinery, the allegations are false and unsupported by facts. The company also described the claims as commercially illogical.

Furthermore, the refinery said it usually avoids responding to baseless accusations. Nevertheless, it decided to address the issue because of the growing public interest.

The company stated that its main focus remains energy security for Nigeria and the African continent.

It added that it remains committed to supplying quality petroleum products to the local market. At the same time, it aims to support stable fuel availability across the country.

With the latest reduction, industry observers will watch closely to see whether marketers pass the lower cost on to consumers. If that happens, motorists and businesses could enjoy some relief from high fuel expenses.

For now, the price cut marks another important development in Nigeria’s evolving petroleum market.