The Dangote Petroleum Refinery on Thursday reduced the ex-gantry price of Premium Motor Spirit (petrol) to N699 per litre, representing a N129 cut from the previous price of N828.
Sources within the refinery confirmed the adjustment, noting that the new price brings petrol closer to its ex-depot value from about two years ago.
“The refinery reduced its petrol price to N699 per litre,” one source said.
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The price slash was reportedly introduced to help ease transportation costs ahead of the Christmas season, a period when millions of Nigerians embark on interstate travel to reunite with their families.
With the refinery expanding its distribution network nationwide, independent marketers are now able to purchase directly, enabling faster pricing adjustments and wider market penetration. The refinery considers the latest reduction both an economic intervention and a social initiative aimed at cushioning the financial burden on citizens.