Dangote Refinery cuts fuel price as international crude price falls from $77 to $70 per barrel
By Jeph Ajobaju, Chief Copy Editor
Dangote Refinery has again reduced the ex-depot price of Premium Motor Spirit (petrol) from N840 to N820 per litre, less than two weeks after the cut from N880 to N840 on June 30.
The reduction came with the drop in international crude price from more than $77 per barrel in June to the current $70.
Other fuel marketers also adjusted their ex-depot prices at different rates in order to survive the heightened competition in the domestic market.
But petrolprice.com reports that Dangote made the biggest cut compared with some other players, as follows:
- Dangote – from N840 to 820 per litre.
- AIPEC – N840 to N837 per litre.
- First Royal – N840 to N838.
- Integrated – N837 to N836.
- Bovas – N837 to N836.
- Fatgbems – N838 to N837.
“We are seeing a lot of dynamics in the global and domestic market. With the ceasefire in the Israel-Iran conflict, crude oil prices have dropped to about $70 per barrel from more than $77 per barrel.
“Consequently, operators in the domestic market have adjusted accordingly. We look forward to seeing more adjustments in the coming weeks,” Petrolprice.ng Chief Executive Officer of Olatide Jeremiah told Vanguard.
Dangote reduced its gantry price 4.5 per cent in June, from N880 to N840 per litre, based on the slide in crude price from $70 to $67.50 per barrel in the global market which was then in the heat of the Israel-Iran conflict.
Depot owners also recently cut their price 5 per cent when the price of Nigeria’s Bonny Light dropped from $80 to $60 per barrel in the international market.
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