Marketers Reduce Petrol Prices as Dangote Refinery Sells at New Rates

• Oil marketers have slashed petrol prices in the Federal Capital Territory (FCT) Abuja
• Some filling stations in the nation's capital reduced their prices from N1,100 and N1,150 to N1,080 and N1,090, respectively
• Similarly, the $20 billion Dangote Refinery announced a petrol price slash as part of a holiday promo for Nigerians

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Petroleum product marketers have reduced petrol prices in some filling stations in the Federal Capital Territory  (FCT), Abuja.

Checks on some petrol stations show that pump prices reduced from N1,100 and N1,150 to N1,080 and N1,090, representing N10 and N60 slash.

Abuja filling stations reduce petrol prices

According to reports, Empire Filling Station at Gwarinpa Junction reduced its prices slightly to N1,090 per litre from N1,129, representing an N39 reduction.

Also, the rainwater filling station in the same area slashed its fuel price from N1,080 per litre to N1,100 per litre.

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Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), stated that their outlets have reduced petrol prices.

NNPC slash prices

Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPC) reduced prices at its retail outlets by N20 from N1,060 to N1,040.

The development follows the commencement of production by the Port Harcourt Refinery.

Also, Africa’s biggest refinery, the Dangote Refinery, announced a petrol price slash on Thursday, December 19, 2024.

Dangote Refinery announce petrol price reduction

The mega refinery slashed petrol prices from N970.50 per litre to N899 as part of a holiday promo to ease Nigerians' transportation burdens.

The facility issued a statement signed by Antony Chiejine, the Group Chief Branding and Communications of the Dangote Group.

Chijiene said consumers buying fuel in cash would buy an additional litre of petrol on credit for every litre purchased, with a bank guarantee from Access Bank, First Bank or Zenith Bank.

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Data shows 10 African countries with the highest fuel prices

Legit.ng earlier reported that Nigerian petrol stations had recently reduced petrol prices after experiencing volatility.

Prices increased from N198 per litre in May last year to N1,150 in October 2024, when the Nigerian government removed petrol subsidies.

However, available data shows while prices were dropping in Nigeria, some African countries bought fuel for as high as N1,700 per litre.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng