…More price reductions likely as Dangote, Port Harcourt refineries boost local production
By Mariyah Adamu, Abuja
Following Dangote Refinery latest lowering of petrol price from N880 to N865 per litre the
Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price to N935 per litre from N950.
As at press time there was no official confirmation of the development but at the the weekend NNPCL filling stations in the Federal Capital Territory, Abuja, reflected the new price in their pump price.
The reduction in price is a confirmation of oil and gas sector experts optimism that increased local production from the Port Harcourt and Dangote refineries could lead to more competitive fuel pricing.
Last week Dangote 650,000 barrels per day refinery announced that its partners, such as MRS and AP filling stations, are expected to sell petrol between N890 and N920 per litre, depending on the location.
Group Chief Branding and Communications Officer of Dangote, Anthony Echiejina, disclosed this in a statement that the price reduction came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks.
The new price is now set at N835 per litre, down from N865 per litre, which had been in effect for the past six days, representing a 3.5% reduction.
The company communicated the price adjustment to its customers through an official notice on lon April 16.
The refinery had earlier lowered its gantry price from N880 to N865 per litre; nonetheless, oil marketers did not transfer the savings to consumers.
The Dangote Refinery, with a capacity of 650,000 barrels per day, plays a crucial role in Nigeria’s energy landscape.
