Dangote Petroleum Refinery has made a significant move by slashing the ex-depot price of petrol from N950 to N890, a decision sparked by a drop in global crude oil prices.

This price cut, effective from yesterday, is poised to bring much-needed relief to Nigerians, potentially lowering the cost of goods and services nationwide.

According to Dangote’s Chief Branding and Communications Officer, Anthony Chiejina, the price reduction aligns with the latest global market trends and demonstrates the company’s commitment to easing economic pressures on consumers.

“This reduction will significantly lower petrol prices across the country, creating a ripple effect throughout the broader economy,” he explained.

Meanwhile, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) is optimistic that the recent revival of the Port Harcourt and Warri refineries will further drive down fuel prices.

PETROAN’s National Public Relations Officer, Dr. Joseph Obele, believes the refineries’ return to full operation will fuel competition, ultimately benefiting consumers with lower prices.

“The refineries’ resurgence has already started eliminating the market for fake petroleum products, which has long posed safety and financial risks,” Obele said. “We expect a noticeable decrease in fuel prices as this competition intensifies.”