The Dangote Petroleum Refinery has cut the ex-gantry price of its premium motor spirit (petrol) to N699 per litre, a reduction of N129 from the previous N828 per litre, sources at the refinery confirmed.
A source revealed that the refinery has reduced its petrol price to N699 per litre. Abubakar Garima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), also confirmed to TheCable that the refinery had lowered its ex-depot price.
“The refinery reduced the price to N699 per litre and informed marketers that we can start purchasing the product ahead of the festive season,” he stated.
The latest reduction brings the ex-depot price close to the level at which petrol was sold two years ago.
The move aligns with the refinery’s strategy to keep domestic prices appealing. Aliko Dangote, president of the Dangote Group, stated that his refinery will continue lowering the product’s price to stay competitive with importers.
Billionaire businessman Aliko Dangote has explained that the recent drop in prices is driven by the need to remain competitive with imports. He also assured that petroleum products, including diesel and petrol, “will continue to be sold in the market at very reasonable prices.”
This comes shortly after the Nigerian National Petroleum Company (NNPC) Limited lowered petrol prices at its retail outlets, reducing the cost to N900 per litre in Lagos and N940 per litre in Abuja on November 27.