The Dangote Petroleum Refinery has announced a fresh reduction in the gantry price of petrol. The new price is now pegged at N835 per litre, down from the previous N865 per litre — representing a 3.5 per cent decrease.
This price adjustment comes in response to a downward trend in global crude oil prices, which have slumped from over $70 per barrel in recent weeks to $64 per barrel. The shift in international oil prices has provided an opportunity for local refiners to adjust their prices accordingly, and Dangote Refinery has again taken the lead.
This is the second price cut in recent weeks by the 650,000-barrels-per-day capacity facility. Earlier, the refinery had reduced its gantry price from N880 to N865 per litre. However, that reduction did not translate to relief at the pump, as oil marketers reportedly failed to pass on the savings to end consumers.
Industry observers say the latest move by Dangote Refinery signals not just market responsiveness, but also an effort to ease the economic burden on Nigerians who are grappling with the high cost of living and inflationary pressures.
The refinery, which began operations earlier this year, is Africa’s largest and one of the world’s biggest single-train refineries. It has been seen as a game-changer in Nigeria’s quest for self-sufficiency in refined petroleum products, potentially curbing the nation’s long-standing dependence on fuel imports.
Analysts say sustained price reductions from Dangote and increased domestic refining capacity could lead to more stable fuel pricing, enhanced energy security, and improved macroeconomic stability in the long term.
Meanwhile, there are growing calls for regulatory agencies to monitor the pricing behavior of oil marketers to ensure that any reductions in ex-depot prices are reflected at the consumer level.
Leave a Reply