Nigerians will begin to experience respite as petrol price is expected to drop across filling stations nationwide from Friday after Dangote Refinery’s gantry fuel reduction to N1,200 per liter.
Yesterday, Dangote Refinery slashed its petrol price by N85, or 6.6 percent, to N1,200 per liter from N1,285 to edge out petroleum depot owners’ prices, which stood between N1,240 and N1,255 per liter. This development comes as crude oil prices, Brent and West Texas Intermediate, cooled off in part of the week to below $100 per barrel before settling at $107 and $93 per barrel on Friday morning.
Newsmen reports that the $20 billion refinery’s latest petrol price review comes amid calls for the local refinery to cut its fuel price as a result of easing crude oil prices, and the latest petrol price adjustment would potentially trigger a retail fuel price drop of between N50 and N70 per liter to around N1,311 and N1,291 at major filling stations nationwide.
