BREAKING: Again, Dangote Reduces Price Of Petrol [SEE NEW PRICE]

BREAKING: Again, Dangote Reduces Price Of Petrol [SEE NEW PRICE]

The management of Dangote Refinery has announced a fresh reduction in the price of petrol in Nigeria.

The Genius Media Nigeria reports that the refinery has reduced its ex-gantry petrol price by ₦50, bringing it down from ₦1,125 to ₦1,075 per litre.

The development was made public in a statement by the Refinery on Thursday, in which Dangote Refinery noted that the latest ₦50 reduction is the fourth price cut in one month.

“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,” the statement read in part.

The reduction comes days after the federal government, through the Federal Competition and Consumer Protection Commission (FCCPC) expressed concerns about the current price of petrol in filling stations across Nigeria.

The FCCPC, in a statement on Sunday, observed that marketers were quick to increase prices following the earlier spike in global crude oil prices.

It recalled that petrol climbed from between ₦800 to ₦900 to between ₦1,350 and ₦1,500 per litre, while diesel sold for as high as ₦2,000 as hostilities intensified in the Gulf between April and May.

It, however, noted that despite improved global affairs, petrol is still being sold at an average of ₦1,200 nationwide, with some local refiners fixing gantry prices between ₦1,025 and ₦1,075 despite the de-escalating tensions in the Middle East.

The FCCPC warned that it won’t allow marketers to sell at unfair prices, as a review of the gantry prices of local refiners, marketers, depot operators, and retail outlet operators revealed token reductions that are not commensurate with the steep fall in global crude oil prices.

The FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, in a statement signed by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, wondered why it is taking forever for consumers to benefit from the reopening of the Strait of Hormuz and the attendant fall in global prices of crude oil.