Dangote Petroleum Refinery has slashed its ex-depot price for Premium Motor Spirit, PMS, also known as petrol, to N840 per litre.
The reduction represents a N40 decrease from the previous rate of N880 per litre.
It could be recalled that a few days before the reduction, the Nigerian National Petroleum Company Limited, NNPCL, had increased the pump price of petrol to N925 per litre in Lagos.
This decrease is also coming a week after Dangote refinery increased the ex-depot petrol price to N880 per litre.
Dangote refinery announced the price slash in an update on Monday by the Chief Corporate Communications Officer of Dangote Group, Anthony Chiejina.
This follows a recent downward trend in global oil prices, with Brent crude oil falling by 1.54 percent from $68.67 on June 23 to $67.61 before the close of business today.
The refinery had on June 15, said it would begin the nationwide distribution of diesel and petrol on August 15.
It said it also acquired 4,000 new Compressed Natural Gas (CNG)-powered tankers to enhance its fuel distribution capacity across the country.
The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, while reacting to the move, said the refinery’s forward integration adoption could lead to a monopoly in disguise and might cause significant job losses in the downstream sector.
Recall that the Major Energies Marketers Association of Nigeria, MEMAN, on June 19 also demanded for clarity on Dangote refinery’s proposal for nationwide logistics for petrol and diesel distribution.
The Dangote Group, on June 29, said its nationwide petroleum products distribution scheme will save Nigerians over N1.7 trillion annually.
The company said it has invested over N720 billion in 4,000 CNG-powered trucks for distribution.