Nigerians could soon enjoy some relief at the pumps following a fresh petrol price reduction by Dangote Refinery.
The refinery on Thursday lowered its gantry price by N85, bringing it down to N1,200 per litre from N1,285.
The move is aimed at staying competitive with depot prices, which currently range between N1,240 and N1,255 per litre.
This adjustment is expected to reflect at filling stations nationwide, with pump prices likely dropping by about N50 to N70 per litre, potentially settling between N1,291 and N1,311.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that marketers sourcing fuel from the refinery will revise their retail prices accordingly.
Meanwhile, some filling stations, including MRS, say they are awaiting updated pricing directives from their headquarters before making adjustments.
The price cut comes amid a slight easing in global crude oil prices, following recent volatility triggered by geopolitical tensions.
In recent weeks, Nigerians have faced sharp increases in fuel costs, with prices rising by over 50 percent in some areas. The latest reduction is expected to bring some much-needed respite.