The Dangote refinery has reduced the price of petrol from N828 per litre to N699 per litre, marking another price cut in recent weeks.
The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, confirmed this in a short message sent to PREMIUM TIMES on Friday.
“It is true. We have reduced the gantry price to N699,” Mr Chiejina said.
The refinery had previously reduced the price of petrol from N877 to N828 per litre on 6 November, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre.
The reduction is part of the market’s response to recent fluctuations in global crude oil prices.
Crude oil prices dropped slightly on Friday, heading for a weekly loss as investors worried about oversupply.
Brent crude futures were down 19 cents, or 0.31 per cent, to $61.09 a barrel at 1125 GMT. U.S. West Texas Intermediate (WTI) crude was down 15 cents, or 0.26 per cent, at $57.45. Both benchmarks fell by about 1.5 per cent on Thursday.
Brent crude and WTI crude benchmarks are down over 4 per cent this week, reflecting broader market uncertainties.
In May, Dangote Refinery reaffirmed its commitment to maintaining price stability for petrol, despite global fluctuations in crude oil prices.
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.
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Last week, Aliko Dangote, founder and president/chief executive of the Dangote Group, said his refinery will continue to reduce the price of petrol to compete with importers.
“Prices are going down. The reason why prices have to go down is that we have to also compete with imports,” Mr Dangote said.