Dangote Refinery has announced a fresh reduction in the price of petrol, lowering its ex-gantry price by N50 per litre.
The refinery announced on Thursday that the ex-gantry price has been reduced from N1,125 to N1,075 per litre.
The latest price cut comes a few days after the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), raised concerns about the high price of petrol at filling stations across the country.
In a statement issued on Sunday, the FCCPC said fuel marketers were quick to increase petrol prices when global crude oil prices rose.
According to the commission, the pump price of petrol increased from between N800 and N900 per litre to between N1,350 and N1,500 per litre. It also noted that diesel sold for as much as N2,000 per litre as tensions in the Gulf intensified between April and May.
However, the FCCPC said that despite improvements in global conditions, petrol is still being sold for an average of ₦1,200 per litre across Nigeria. It added that some local refiners are still charging gantry prices ranging from ₦1,025 to ₦1,075 per litre, even though tensions in the Middle East have eased.
The commission warned that it would not allow marketers to charge unfair prices. It explained that its review of the gantry prices of local refiners, marketers, depot operators and retail outlet operators showed only small reductions that do not match the sharp drop in global crude oil prices.
The FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, in a statement signed by the Commission’s Director of Corporate Affairs, Ondaje Ijagwu, questioned why Nigerians were yet to fully benefit from the reopening of the Strait of Hormuz and the resulting decline in global crude oil prices.
