LunagisthubDangote Refinery Slashes Petrol Price by N40
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) from N880 to N840 per litre, a N40 reduction, effective June 30. According to Anthony Chiejina, Spokesman for the Dangote Group, “PMS price has been reduced from N880 to N840 per litre effective 30th June”.
The price reduction is attributed to the recent slide in crude oil prices to $67.50 per barrel from over $70 per barrel in the global market. Previously, the Dangote refinery increased the petrol price to N880 due to tensions between Israel and Iran, which drove crude oil prices to almost $80 per barrel .
Dangote’s partners, including MRS, Heyden, and AP, are expected to adjust their pump prices soon. This development may bring relief to consumers and potentially impact the nation’s inflation rate and GDP growth rate. The refinery’s operations are expected to cut down the nation’s inflation from 33% to 23% and push the GDP growth rate from 2% to 3.4%
From August 15, Dangote will begin direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers. This initiative aims to eliminate transportation costs and potentially reduce pump prices and inflation ³.
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