Breaking: Dangote Refinery Reduces Fuel Price

Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.

Spokesman for the Dangote Group, Anthony Chiejina, confirmed the price adjustment on Monday night, saying the new rate took effect on June 30.

“PMS price has been reduced from N880 to N840 per litre effective 30th June,” Chiejina said.

Also, checks by Vanguard indicated that the reduction of petrol price by Dangote was based on the slide in crude oil price to $67.50 per barrel from more than $70 per barrel in the global market.

Meanwhile, recall that Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of crude oil to almost $80 per barrel.

More details later….