The Dangote Petroleum Refinery has slashed its ex-gantry petrol price to N828 per litre.
According to sources at the refinery, the price of the product was reduced by N49 from the prior price of N877 per litre.
“The refinery reduced its petrol price to N828 per litre,” a source said.
The development comes amid plans by the refinery to increase its output to 1.4 million barrels per day (bpd), a scale that would surpass the world’s largest 1.36 million bpd refinery in Jamnagar, India.
On November 1, the Dangote refinery said the supply of petroleum products has now exceeded Nigeria’s demand.
“Our refinery is currently loading over 45 million litres of PMS and 25 million litres of diesel daily which exceeds Nigeria’s demand,” the refinery said.
The plant added that it was working collaboratively with regulatory agencies and distribution partners to guarantee efficient nationwide delivery.
On November 6, Oando Plc said it had implemented a “strategic pause” on petrol imports due to rising local production by Dangote refinery.
Wale Tinubu, group chief executive of Oando Plc, said the company’s trading segment faced challenges which exerted pressure on the entity’s revenue and the group’s topline “as a result of declining PMS imports into the country due to rising local refining capacity from the Dangote Refinery, a positive development that enhances Nigeria’s energy security and self-sufficiency”.
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