The Dangote Refinery has reduced the price of petrol from N880 per litre to N840 per litre.
The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, in a statement on Monday night, said the price adjustment takes effect from 30 June.
“Premium Motor Spirit (PMS) price reduced from N880 to N840 effective 30th June,” Mr Chiejina said.
In mid June, Dangote refinery increased its ex-depot petrol price to N880 per litre from N825, reflecting the increase in crude costs at the time.
On Monday, crude oil prices fell slightly due to easing Middle East tensions and possible OPEC+ output increase in August.
Brent futures settled down 16 cents, or 0.2 per cent, to $67.61 a barrel and expired on Monday. The more active September contract ended at $66.74. U.S. West Texas Intermediate crude settled down 41 cents, or 0.6 per cent, at $65.11 a barrel.
Crude oil price reductions significantly impact retail fuel prices at filling stations due to the inherent volatility in the international oil market.
As the Dangote Refinery’s price has dropped, oil marketers are expected to follow suit by reducing their pump prices.
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