Again, Dangote Refinery slashes petrol price

Dangote Petroleum Refinery and Petrochemical Company Limited has slashed the price of petrol, otherwise known as PMS to N840 per litre, marking another relief for downstream consumers.

The price was previously N880 per litre, hence, Tuesday’s slash has brought it down by N40 per litre.

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The change was announced on Monday and comes shortly after the Nigerian National Petroleum Company (NNPC) Limited yet again increased its price to N925 per litre in Lagos axis.

CAPITAL POST reports that the pump price of petrol was reduced a week after it was adjusted down to N880 perT lirer.
The new price was influenced by a fall in global oil prices, as Brent crude slipped from $68.67 on June 23 to $67.61 by the end of the day.

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Dangote Refinery has also announced plans to begin full nationwide distribution of diesel and petrol from August 15.
To support this, the company has acquired 4,000 compressed natural gas (CNG)-powered trucks for distribution across the country.

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns that Dangote’s growing control of the sector could create a monopoly and affect jobs in the downstream sector.

The Major Energies Marketers Association of Nigeria (MEMAN) has also asked for more clarity on the company’s distribution plans.

According to Dangote Group, its fuel distribution strategy is expected to save the country over N1.7 trillion each year.

The company said it invested more than N720 billion in the purchase of its new fleet of CNG trucks.

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