Petrol price lowered again by Dangote as new supply strategy takes shape
Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS) from N880 to N840 per litre, a 4.5% cut.
The price reduction aligns with a global decrease in oil costs, with Brent crude prices experiencing a drop of 1.54%.
This initiative is part of Dangote's broader strategy to enhance efficiency, support sustainability, and boost Nigeria's economic development.
This is a calculated attempt to combat growing fuel costs and increase market competition.
Anthony Chiejina, the Dangote Group's Chief Corporate Communications Officer, made the announcement on Monday, following a drop in global oil prices, with Brent crude down 1.54% from June 23 to $67.61.
'This strategic programme is part of our broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability, and supporting Nigeria's economic development,' the company issued.
This price reduction also comes ahead of Dangote Refinery's ambitious statewide distribution launch scheduled for August 15.
On that day, the refinery intends to deploy a fleet of 4,000 Compressed Natural Gas (CNG) tanker trucks to transport gasoline directly from its refinery to retailers, manufacturers, telecom operators, and airports around Nigeria.
Over 100 new CNG refuelling points will be introduced as part of the deployment, with the goal of reducing logistics bottlenecks and increasing fuel accessibility.
This isn't the first time the refinery has cut pricing in recent months; in April, Dangote reduced fuel costs to N865 per litre.
The adjusted price represented a N15 decrease from the original N880 per litre.
Dangote and NNPC pricing
Days prior to the latest price cuts, as reported by The Guardian, the Nigerian National Petroleum Company (NNPC) Limited increased the price of gasoline at some of its retail outlets in Lagos to ₦925 per liter.
Both parties went back and forth in cutting down prices, so as to remain competitive.
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