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New petrol price as emerged as several filling stations have once more reduced petrol pricesRecent checks show that major stations including some NNPC outlets are now selling petrol lower than N900/litreFurther price cuts may follow as Dangote Refinery has decided to also reduced ex-depot price by N49 Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends. Relief may be in sight for motorists as several filling stations across Lagos have reduced petrol prices. Findings by Legit.ng show that stations operated by major marketers are now selling petrol below N900 per litre. Also, several retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) were observed selling between N895 and N910, below the general price of N920. Mobil sells petrol at N880 per litre, Ardova at N889, Petrocam at N915, Total at N920, while MRS outlets offer the fuel at N885 per litre. Other fuel stations were selling between N899 and N918. Adebayo, a manager of one of the filling stations, confirmed the new price to Legit.ng: "Here, we sell below N900 to attract customers, as other fuel stations around us are also selling at lower rates. "The adjustment started on Friday, and we implemented the new price on Saturday morning." Dangote Refinery cuts petrol price by N49 The adjustment of petrol price comes as the Dangote Petroleum Refinery has reduced its ex-gantry petrol price to n828 per litre. This is a drop of N49 from the previous rate of N877 per litre. A source at Dangote refinery confirmed the drop: “The refinery reduced its petrol price to ₦828 per litre." The price adjustment coincides with Dangote’s plan to raise output to 1.4 million barrels per day (bpd) a capacity that would surpass the world’s largest refinery in Jamnagar, India, which produces 1.36 million bpd. On November 1, the refinery announced that its daily supply of 45 million litres of petrol and 25 million litres of diesel now exceeds Nigeria’s national demand, Punch reports. the company said. “Our refinery is currently loading over 45 million litres of PMS and 25 million litres of diesel daily, which exceeds Nigeria’s demand." Oando stops petrol import Meanwhile on On November 6, Oando Plc confirmed it had implemented a “strategic pause” on petrol imports, citing the growing output from the Dangote Refinery as a key reason, Cable reports. Dangote petrol distribution plan Earlier, Legit.ng reported that Dangote Refinery has announced that its free fuel distribution scheme will kick off fully. More than 1,000 trucks have now been received to kick-start the scheme, while additional states are expected to benefit as more vehicles arrive. Dangote Petroleum Refinery has invested over N720 billion to deploy 4,000 Compressed Natural Gas (CNG)-powered trucks for nationwide distribution, part of a landmark initiative expected to save Nigerians over N1.7 trillion annually. The company added it would absorb over N1.07 trillion in annual fuel distribution costs. Source: Legit.ng
