Dangote Reduces Ex-Depot Petrol Price to N840 Following Crude Oil Decline

The Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (PMS), popularly known as petrol, from N880 to N840 per litre — a N40 decrease.

This price adjustment comes just five days after the Nigerian National Petroleum Company (NNPC) Limited raised the pump price of petrol to N925 per litre in Lagos. It also follows a week after Dangote refinery had increased its ex-depot rate to N880 per litre.

According to Anthony Chiejina, chief corporate communications officer of Dangote Group, the reduction is influenced by recent shifts in international oil prices.

The move follows a global downward trend in crude oil prices. Brent crude dropped by 1.54 percent, falling from $68.67 per barrel on June 23 to $67.61 by close of business on June 30.

The refinery also announced it would begin nationwide distribution of petrol and diesel on August 15. To facilitate this, it said it has “invested over N720 billion in 4,000 CNG-powered trucks for distribution.”

Responding to this development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed concern, stating that the refinery’s forward integration “could lead to a monopoly in disguise and might cause significant job losses in the downstream sector.”

See Also

Newswatch co-founder and veteran journalist Yakubu Mohammed passes on at 75

Earlier, the Major Energies Marketers Association of Nigeria (MEMAN) urged for clarity over the refinery’s logistics proposal for product distribution nationwide.

The Dangote Group maintains that its distribution strategy “will save Nigerians over N1.7 trillion annually.”