The Dangote Petroleum Refinery has reduced its wholesale price for petrol to N820 per litre, marking a N20 drop from its previous price of N840. This is the second reduction in a single week, bringing the total price cut to N60; 6.82 percent from its earlier high of N880. According to Dangote Group spokesperson Anthony Chiejina, the company lowered the price to make fuel more affordable for Nigerians. This price drop comes shortly after a brief period where Dangote, the NNPC, and other distributors had hiked fuel prices due to rising global crude oil costs triggered by conflicts between Israel and Iran. Now that those geopolitical tensions have eased and crude oil prices have fallen below $70 a barrel, fuel prices are starting to drop. Consequently, filling stations in places like Lagos and Ogun States have already begun selling petrol for less than N900 per litre, with prices ranging between N875 and N890, and a small drop in pump prices is expected across the country.
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