By Adesakin Adefemi
The Dangote Refinery has reduced its petrol gantry price by N100, from N1,175 to N1,075 per litre, following a slump in global oil prices. This move is expected to bring relief to Nigerian consumers who have been grappling with high fuel prices.
The reduction in fuel price is attributed to the drop in Brent crude prices, which plunged nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel. Diesel prices have also been reduced, with the refinery now selling at N1,430 per litre, down from N1,620 per litre.
According to officials of the refinery, petrol supplied via coastal distribution channels will now sell for N1,050 per litre, reflecting a slight differential for marine logistics. This development is seen as a welcome relief for businesses and individuals who rely on fuel for transportation and other needs.
The Dangote Refinery had blamed global crude volatility for the repeated price hikes, citing tensions arising from the US-Iran conflict. However, with the current slump in oil prices, the refinery has been able to pass on the benefits to consumers.
The reduction in fuel price is expected to have a positive impact on the economy, as it will reduce the cost of transportation and production. This, in turn, is expected to lead to lower prices for goods and services.
The Nigerian government has been under pressure to reduce fuel prices, which have been a major concern for citizens. The move by the Dangote Refinery is seen as a step in the right direction, but some are calling for further reductions.
The Nigerian National Petroleum Company (NNPC) has not yet announced any changes to its fuel prices. However, it is expected that the company may follow suit and reduce its prices as well.
The development has sparked reactions on social media, with many Nigerians welcoming the move and calling for more reductions. Some are also questioning why the government has not taken steps to reduce fuel prices earlier.
As the situation continues to unfold, Nigerians are advised to take advantage of the reduced fuel prices and adjust their budgets accordingly.
