The Dangote Petroleum Refinery has slashed its petrol gantry price by ₦55, from ₦1,265 to ₦1,210 per litre.
Naija News reports that consortium marketers linked to the refinery announced the 4.35 per cent reduction.
The cut followed a drop in the European gasoline benchmark, known as EBOB, which the refinery uses as a pricing reference.
Data from Petroleumprice.ng showed that Lagos depots closed trading on Thursday at an average of about ₦1,300 per litre.
By Friday, October 30, several depot owners had lowered their prices in response to Dangote’s new rate, with some cutting by as much as ₦40 per litre.
Managers of MRS and Nigerian National Petroleum Company Limited (NNPCL) filling stations told Daily Post that pump prices would soon come down.
“Our fuel price is expected to drop from this week following Dangote Refinery’s petrol price cut,” an NNPCL station manager in Abuja, who spoke on condition of anonymity, said.
A manager at an MRS outlet also confirmed that prices could fall in the coming days.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said members of the association would adjust their pump prices as soon as they received supply from the refinery.
“Our members would cut fuel prices as soon as we receive Dangote Refinery’s petrol from this week,” he said.
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