Again, Dangote Refinery Slashes Petrol Price, This Time by N30
- Just a few days after its first slash in weeks, Dangote Refinery has once again reduced its petrol price
- The reduction is for marketers, and it is expected to lead to fuel price adjustments at filling stations nationwide
- Dangote Petroleum Refinery's 650,000 production capacity can determine the price of fuel across the country
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
In a significant move aimed at easing fuel costs in Nigeria, the Dangote Petroleum Refinery and Petrochemicals has announced the reduction of its ex-depot (gantry) loading cost of Premium Motor Spirit (PMS), popularly known as petrol, to N835 on Wednesday, April, 16.
The new price represents a N30 or 3.5% reduction from the N865 per litre.
Source: Getty Images
The latest price reduction markets the third consecutive price slash by the 650,000 barrels-per-day capacity refinery.
Just last Wednesday, the gantry price stood at N880 before being adjusted to N865, and now further lowered to N835.
The latest price change follows a decline in global crude oil prices, which have dropped from over $70 per barrel to $64 per barrel in recent weeks.
The reduction is also in line with the refinery’s strategy to make refined products more affordable for Nigerians.
The full implementation of the naira-for-crude deal by the federal government has also helped Dangote refinery reduce its price.
Other petroleum products price changes
Punch reports that aside from petrol, Dangote reduced the prices of Jet fuel and diesel.
Diesel is priced at $608 per metric tonne, with a $70 gantry surcharge, payable either in naira at the prevailing exchange rate of n1,650/$ or in U.S. dollars.
While Jet fuel is now selling at $664.75, with additional surcharges of $42 at the gantry and $22 for coastal delivery.
Source: UGC
Other private depots reduce prices
Aside from Dangote refinery, other various depots across the country are supplying to marketers at slashed prices.
Ex-depot petrol price refers to the price it is sold from a depot (a storage facility) or a distribution point.
Data tracked shows that Heyden depot has reduced its price by N182 to sell at N847 per litre, representing a 17.69% drop.
MRS Tincan followed closely, shedding N57 to settle at N850 per litre.
Other reduction observed include Sobaz (N870, down N35), Aiteo (N860, down N1), Sigmund (N872, down N2), Alkanes (N868, down N2), and Liquid Bulk (N874, down N8).
However, prices held steady at several depots, including Rainoil Lagos (N865), Ardova (N865), Sahara (N865), AIPEC (N864), Menj (N863), A. A Rano (N863), Eterna (N865), and Pinnacle Warri (N869).
NNPC reduces price to N910
Legit.ng previously reported that The Nigerian National Petroleum Company Limited (NNPCL) has slashed its petrol pump price to N910 per litre.
This new price represents a N15 reduction from the previous pump price of N925 per litre
Ardova, Mobil, Petrocam, Hyden, and Matrix have also announced reductions in pump prices.
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Source: Legit.ng
