Dangote Refinery reduces ex-depot fuel price from N880 to N840 per litre, NNPC may also backdown from recent hike by N45 per litre
By Jeph Ajobaju, Chief Copy Editor
Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from ₦880 to ₦840 per litre, dictated by the dip in the price of crude on the international market sequel to the ceasefire in the war between Israel and Iran.
Dangote Group spokesman Anthony Chiejina confirmed on Monday night that “PMS price has been reduced from N880 to N840 per litre effective 30th June,” per The Nation.
The slash comes weeks after the refinery hiked the price due to a global surge in crude oil prices triggered by the Israeli-Iranian conflict and the uncertainty of the fall out of the bombing of three Iranian nuclear facilities by United States President Donald Trump.
Around the time, crude prices rose to nearly $80 per barrel with experts projecting it to soar to $130 per barrel depending on Iran’s response to the bombing.
However, the ceasefire in the conflict inspired marketers to anticipate a change in pricing starting this week.
After the price cut by Dangote Refinery, its distribution partners—including MRS, Heyden, and AP—are expected to adjust their pump prices downward.
The National Petroleum Company Limited (NNPC) last week raised its pump price at its retail outlets in Lagos, Abuja and Ibadan by between N35 and N45 per litre, but market competition may now force it to reverse the price rise.
Read also:
, popularly called petrol, from ₦880 to ₦840 per litre, dictated by){kind=link}