Petrol Prices Drop Below N1,300 Following Dangote Refinery Reduction

Some filling stations along the Lagos-Ibadan Expressway and in parts of Lagos and Ogun states have reduced petrol prices to below N1,300 per litre after Dangote Petroleum Refinery announced a price cut on Saturday.

The refinery said the ex-depot price reduction reinforced its commitment to making petroleum products more affordable and supporting economic activities nationwide.

Dangote Petroleum reduced the gantry price of petrol to N1,250 per litre from N1,275, while diesel was cut to N1,700 per litre from N1,800.

On Tuesday, PUNCH correspondents observed MRS stations at Mowe/Ibafo selling petrol at N1,286 per litre.

Similarly, NIPCO and Heyden sold petrol at N1,290 per litre on Monday, and SGR stations sold at N1,297 per litre.

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Many stations, however, continued to sell above N1,300 per litre, including NNPC outlets in Ibafo at N1,305, Mobil at N1,310, and Asharami at N1,320.

Dangote said the price review aimed to improve supply efficiency, deepen domestic refining, and provide relief to consumers and businesses relying on petroleum products.

Diesel prices also fell, with many stations now selling at N1,800 per litre, down from N1,900.

Since beginning operations, the refinery, with a 650,000-barrel-per-day capacity, has increased the supply of refined products to reduce Nigeria’s dependence on imports.

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A refinery official noted that the reduction aligns with the recent decline in global oil prices over the weekend prior to Monday’s rebound.

Crude oil, the main feedstock for fuel production, rose above $100 per barrel during recent tensions between the US and Iran, spiking global fuel prices.

In Nigeria, petrol prices had risen from N830 per litre to around N1,300, with diesel and aviation fuel also climbing, prompting airline operators to threaten operational suspension.

Stakeholders hope the Dangote refinery may consider further price reductions if international oil prices decline again.

However, crude oil prices rebounded on Monday as US strikes on Iran resumed amid ongoing negotiations, and Israeli troop movements into Lebanon raised further geopolitical concerns.

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According to Oilprice.com, Brent crude rose over seven per cent, from $91.12 to $97.52 per barrel, following reports that Iran cut off diplomatic channels with Washington and moved to block the Strait of Hormuz.

The rebound in crude prices has renewed concerns about rising global fuel costs and potential impacts on energy-importing countries.

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