Dangote Refinery: Nigerian filling stations reduce fuel price by N90/L in three weeks

Nigerian filling stations have cut their pump prices for Premium Motor Spirit (PMS) by between N35 and N90 per litre over the past three weeks, following a price reduction by Dangote Refinery. According to checks conducted by the DAILY POST, various stations in Abuja have lowered the price of petrol from N1,305 to N1,275 per litre, and N1,335 to N1,210 per litre.

This price adjustment means that, over the first 20 days of August, filling stations have reduced their petrol pump prices by at least N35. The significant decrease in petrol prices follows Dangote Refinery's N50 reduction in its gantry fuel price, from N1,210 to N1,165 per litre. Dangote's petrol is N53.54 cheaper than imported fuel, which had a landing cost of N1,218.54 per litre.

The dynamic nature of Nigeria's downstream oil sector is evident in the price movement, despite Brent and West Texas Intermediate crude prices remaining high at $91.90 and $84.60 per barrel, respectively.