The Dangote Petroleum Refinery has announced another reduction in its petrol gantry price, cutting the cost from N1,175 per litre to N1,125 per litre, a move expected to intensify calls for lower fuel prices across Nigeria.
The latest adjustment, confirmed on Thursday by the Dangote Group’s spokesperson, Anthony Chiejina, represents a N50 per litre reduction and marks the refinery’s second price cut in less than two weeks.
“It is true our petrol gantry price was reduced by N50 per litre,” Chiejina said.
In addition to the reduction in gantry prices, the refinery also lowered its coastal petrol supply price from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
The development follows a significant decline in global crude oil prices, which have dropped to between $69 and $73 per barrel, returning to levels seen before tensions in the Middle East pushed prices higher.
The latest cut comes barely weeks after the refinery reduced its ex-depot petrol price by N75 per litre on June 16, triggering retail price reductions across several parts of the country. With the new adjustment, Dangote Refinery has now reduced its petrol price by a cumulative N125 per litre within two weeks.
Despite the reductions, retail fuel prices in Abuja and surrounding areas currently range between N1,241 and N1,305 per litre.
Many Nigerians, however, are calling for further reductions, arguing that pump prices should return to the N800–N900 per litre range recorded before the escalation of the Iran-United States-Israel conflict earlier this year.
Industry observers say the extent to which the latest refinery price cut translates into lower pump prices will depend on marketers, distribution costs, and prevailing market conditions in the downstream petroleum sector.
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