Dangote Petroleum Refinery has slashed fuel prices once again. The company announced the cuts on Saturday in a bid to ease pressure on Nigerian consumers.
Premium Motor Spirit, or petrol, now sells at N1,250 per litre at the refinery's depot. This represents a drop from the previous N1,275 per litre price tag.
Diesel prices fell even more sharply. Automotive Gas Oil now costs N1,700 per litre compared to N1,800 per litre previously.
According to the refinery's statement, the move reflects its drive to make fuel more affordable. The company also aims to boost economic activity nationwide through cheaper petroleum products.
In a written statement, Dangote said the adjustment supports transportation, power generation, and industrial operations. Many businesses depend on stable fuel costs to survive.
Global fuel markets have remained volatile since February this year. Tensions between Israel and Iran over military strikes pushed international crude prices upward dramatically.
Iran responded by threatening the Strait of Hormuz, a critical shipping route. This raised fears of supply disruptions across the world.
Nigeria felt the impact heavily. As an oil-importing nation, the country absorbed significant price increases in recent months.
Dangote's latest move signals relief for consumers struggling with transportation costs. Industry watchers say the refinery's domestic production capacity continues to stabilize local markets.
