Dangote Refinery slashes petrol price to N1,200/litre

Dangote Refinery has rolled backmost its caller hike successful substance prices, reducing the ex-gantry outgo of Premium Motor Spirit (PMS) by N75 to N1,200 per litre, according to manufacture insiders connected Wednesday.

This accommodation comes soon aft the refinery accrued petrol prices to astir N1,275 per litre, attributing the emergence to instability successful the planetary lipid marketplace that pushed up accumulation and proviso costs.

The latest simplification is linked to a important driblet successful planetary crude lipid prices. Brent crude futures declined to $95.05 per barrel, representing a 13 per cent decrease, portion West Texas Intermediate (WTI) crude closed astatine $97.18, falling by astir 14 per cent.

Experts accidental the downturn successful lipid prices is mostly driven by geopolitical shifts successful the Middle East, particularly a conditional two-week ceasefire statement betwixt the United States and Iran, which has reduced fears of proviso disruptions.

Fuel marketers and commuters successful large cities person reacted positively to the development, expressing anticipation that the little terms volition assistance easiness the load of rising surviving costs amid ongoing inflation.

Observers wrong the vigor assemblage judge the refinery’s terms chopped could person a ripple effect connected retail petrol prices crossed the country, peculiarly if the planetary decl...