The price for petrol at the Dangote Petroleum Refinery gantries has been slashed by N25 per litre to reduce it from N1,275 to N1,250.
Speaking under anonymity since he was not allowed to speak to the press on the issue, a senior executive at the Dangote Group disclosed the move earlier this morning.
According to him, the reason for the reduction in petrol price at their gantries was due to the fall in prices of crude oil at the international markets.
“We have now brought the petrol price at our gantries to N1,250 per litre. This is because of the present drop in international oil prices. However, everything is still very volatile,” he said.
Aiteo and NIPCO sold petrol for N1,272 per litre, while Integrated Energy, Ascon, and African Terminal sold their goods for about N1,274 per litre, which is lower than the gantry price of Dangote Refinery at N1,275 per litre.
This price change will definitely have an impact on the pricing policy of companies operating in the downstream petroleum industry.
The cost of petrol in Nigeria has significantly increased in the last few months due to an increase in crude oil costs, such that the price of petrol at filling stations changed from about N830 per litre to N1,300 per litre in some areas.
Although the reduced prices of petrol by Dangote comes to some form of rescue. However, the prices of diesel and jet fuel on the other hand have been moving contrary, rising continuously to increase cost pressures in logistics and transportation.
