Dangote Refinery has announced a significant reduction in its ex-depot petrol price, dropping from N828 per litre to N699 per litre. This decrease of N129 per litre, or 15.58%, aims to give the company a competitive edge over the Nigerian National Petroleum Company Limited and other fuel stations in Nigeria.

According to recent data on Petroleumpriceng, this adjustment marks the 20th price review this year, coming just ahead of the Yuletide season. The move follows the Nigerian National Petroleum Company’s and fuel filling stations’ announcements of at least two price reductions over the past three weeks. These reductions have resulted in retail prices ranging from N915 to N937 per litre in Abuja.

The reduction in ex-depot price by Dangote Refinery is notable, especially considering the current market dynamics. The Nigerian petroleum industry has experienced fluctuations in fuel prices, affecting consumers and businesses alike. This price drop may lead to increased competition among fuel retailers, potentially benefiting consumers.

The timing of this price reduction, just before the holiday season, may also have a positive impact on the economy. As people prepare for increased travel and celebrations, lower fuel prices could help reduce transportation costs and boost economic activity.

In the context of Nigeria’s energy sector, this development is significant. The country has been working to improve its refining capacity and reduce reliance on imported fuel. Dangote Refinery’s price reduction may indicate a shift towards more competitive pricing in the market, which could have long-term implications for the industry.

As the Nigerian petroleum market continues to evolve, it is essential to monitor price trends and their impact on the economy. The recent reduction in ex-depot price by Dangote Refinery is a notable development that may influence the market and affect consumers in the coming weeks.