The Dangote refinery reduced petrol price for the fourth time within a month as crude oil price slumped.
The latest price drop was disclosed in a statement on Thursday, bringing the gantry price of petrol to N1,075 per litre from N1,250.
Similarly, Dangote Refinery reduced the ex-depot price of diesel by N300 per litre and Jet A1 aviation fuel by N520 per litre.
The company said the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.
According to the refinery, the petroleum products currently being supplied to the market are being produced from crude inventories acquired during periods of substantially higher prices.
“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS.
“This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short-term fluctuations in international oil markets.
“Nigeria Today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses,” it stated.
