Dangote refinery cuts ex-depot petrol price to N840 per litre amid falling global oil rates
Dangote Petroleum Refinery has announced a reduction in its ex-depot price for premium motor spirit (PMS), known as petrol, bringing it down to N840 per litre. This move reflects a decrease of N40 from the previous rate of N880 per litre.
This price cut comes just five days after the Nigerian National Petroleum Company (NNPC) Limited raised the pump price of petrol to N925 per litre in Lagos. Notably, the Dangote refinery had itself raised the ex-depot price to N880 per litre a week prior to announcing the reduction.
In a statement released on Monday, Anthony Chiejina, chief corporate communications officer of Dangote Group, attributed the decrease to a recent downward trend in global oil prices, with Brent crude falling by 1.54 percent from $68.67 to $67.61.
Additionally, the refinery is gearing up to start nationwide distribution of diesel and petrol on August 15, having acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its distribution network across the country.
The announcement has led to varied reactions from industry stakeholders. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) voiced concerns that the refinery’s integrated approach could result in a monopolistic landscape and lead to substantial job losses in the downstream sector. Meanwhile, the Major Energies Marketers Association of Nigeria (MEMAN) called for greater clarity regarding Dangote refinery’s logistics proposals for petrol and diesel distribution.
The Dangote Group also highlighted on June 29 that its nationwide petroleum products distribution scheme is projected to save Nigerians over N1.7 trillion annually, with an investment of over N720 billion dedicated to the 4,000 CNG-powered trucks.
Source: TheCable
