Dangote refinery reduces petrol pump price

Dangote Petroleum Refinery has reduced its ex-depot price for petrol to N840 per litre.

The reduction represents a N40 decrease from the previous rate of N880 per litre.

Recall that five days before the reduction, the Nigerian National Petroleum Company (NNPC) Limited had increased the pump price of petrol to N925 per litre in Lagos.

The decrease also came a week after Dangote refinery increased the ex-depot petrol price to N880 per litre.

In an update on Monday by Anthony Chiejina, Chief Corporate Communications Officer of Dangote Group, Dangote refinery announced the price slash.

The development follows a recent downward trend in global oil prices, with Brent crude oil falling by 1.54 percent from $68.67 on June 23 to $67.61 before the close of business today.

On June 15, the refinery said it will begin the nationwide distribution of diesel and petrol on August 15.

The refinery said it also acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its fuel distribution capacity across the country.