Dangote Refinery Slashes Petrol Price By N40

The Dangote Petroleum Refinery has now slashed the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.
This represents a N40 reduction in the price. The announcement was made via an update on the company’s official X (formerly Twitter) account on Tuesday.
Spokesman for the Dangote Group, Anthony Chiejina, had also confirmed this to PUNCH on Monday night, saying the new rate took effect on June 30.
“PMS price has been reduced from N880 to N840 per litre effective 30th June,” Chiejina said.
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This adjustment comes about a week after the Lagos-based refinery raised the ex-depot price to N880 per litre. The N40 price cut followed a drop in global oil prices after tensions in the Middle East de-escalated.
A ceasefire between Israel and Iran led to a decline in Brent crude, which fell by 16 cents (0.24%) to close at $67.61 per barrel, down from around $80, following earlier U.S. airstrikes on Iranian nuclear sites.
Marketers anticipated that there would be a new price regime from Monday.
Dangote’s partners like MRS, Heyden and AP are expected to adjust their pump prices soon.