Dangote Petroleum Refinery has reduced the ex-gantry price of its petrol to N699 per litre, down from N828 per litre, a reduction of N129.
A source at the refinery confirmed the new price, saying, “The refinery has lowered the petrol price to N699 per litre.”
Abubakar Garima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price drop to TheCable.
“The refinery reduced the price to N699 per litre and told marketers that we can start buying the product for the festive season,” he said.
The new ex-depot price brings petrol close to the levels it was sold at around two years ago, and the move is part of the refinery’s plan to keep domestic prices competitive.
Aliko Dangote, president of the Dangote Group, had previously said the refinery would continue lowering petrol prices to compete with imports.
He added that diesel and petrol will remain available at affordable prices in the local market.
Meanwhile, on November 27, the Nigerian National Petroleum Company (NNPC) Limited also cut petrol prices at its retail outlets, setting them at N900 per litre in Lagos and N940 per litre in Abuja.
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