Dangote Refinery Slashes Petrol Prices, Oil Marketers Respond
- Dangote Petroleum Refinery has decided to reduce its ex-depot petrol price for marketers ahead of the direct delivery plan
- The refinery from August 15 will deliver its product directly to petrol dealers and other large users across the country for free
- Petrol importers have also made changes to their ex-depot prices as they look to compete with Dangote for customers
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery has reduced Premium Motor Spirit (PMS) or petrol from its facility to N820 per litre.
This is a N30 reduction from the previous price of N850 per litre.
Source: Getty Images
In a message shared on X, the refinery said the new price took effect on Tuesday, August 12.
Dangote refinery petrol price
The decision to slash prices again follows changes in crude oil prices in the international market, the benchmark for petrol pricing.
Reuters reports that Oil prices dipped on Tuesday as traders awaited an inventory report from the U.S. Energy Information Administration and began looking toward declining demand at the end of the summer driving season in early September.
Brent crude, the benchmark for Nigerian crude fell on Tuesday by 51 cents, or 0.77% to settle at $66.12 a barrel.
While the U.S. West Texas Intermediate crude futures finished at $63.17, down 79 cents, or 1.24%.
Source: UGC
Depots slash petrol prices
Private depots competing with Dangote Refinery have also revised their prices to attract fuel marketers.
The ex-depot price, the rate at which depot owners sell petroleum products to marketers and retail outlets, showed a reduction across operators, according to data from petroleumprice.ng.
MRS TinCan reduced its price to N849 from N860, while Ardova dropped to N850, down N2 or 0.23%. Zamson cut to N855, a N1 or 0.12% reduction. Parker and A&E lowered their prices to N853, falling by N2 (0.23%) and N1 (0.12%), respectively.
Other adjustments included Mao (N850, down N1), Alkanes (N855, down N2), and TSL, Sigmund, and Ever, all now at N860 after a N3 or 0.35% drop.
Sobaz saw the steepest cut after Dangote, down N12 to N858 (1.38%). Zone 4 fell to N855 (down 0.35%), Bovas dropped by N10 to N850 (1.16%), and Matrix Warri decreased to N856 (N2 or 0.23% drop).
Aiteo fell to N850 (N1 or 0.12%), while the Matrix PH price declined N12 to N858.
Dangote begins free fuel delivery August 15
Earlier, Legit.ng reported that Dangote Refinery is set to begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers and large buyers from August 15.
Dangote Refinery has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers.
The refinery is also investing in Compressed Natural Gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.
Source: Legit.ng
