Breaking:Dangote Refinery Reduces Petrol Price after Several Earlier Increases 

Breaking:Dangote Refinery Reduces Petrol Price after Several Earlier Increases

The Dangote Refinery has announced a reduction in the prices of petrol and diesel, offering some relief to Nigerians amid ongoing fluctuations in the global oil market.

The refinery reduced the ex-depot price of Premium Motor Spirit (PMS) and diesel by about ₦100 per litre, according to a new pricing template released on Tuesday.

The reduction affects the price at which petroleum products are sold to marketers at the refinery’s gantry before distribution to filling stations across the country.

The adjustment comes after earlier price increases linked to rising global crude oil prices and supply concerns in the international market. Industry analysts say the recent price cut reflects changing market conditions and the refinery’s attempt to stabilise fuel supply in the country.

Energy experts have also described the refinery as a major stabilising factor in Nigeria’s downstream petroleum sector, as it reduces the country’s reliance on imported refined petroleum products.

However, retail pump prices at filling stations may still vary depending on transportation costs, distribution logistics and marketers’ margins.

The Dangote Refinery, located in the Lekki Free Trade Zone in Lagos, has a refining capacity of about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world.

Analysts believe increased local refining capacity will help improve fuel supply stability and gradually ease price pressures in Nigeria’s energy market.