Dangote-Backed Filling Stations Cut Petrol Prices Amid Crude Oil Volatility

Nigerian filling stations, backed by Dangote Refinery, have reduced their petrol pump prices in response to recent market developments. A survey by Daily Post found that MRS filling stations in Abuja have dropped their price from N1,305 per litre to N1,265 per litre, a reduction of N40 per litre.

This move follows nearly two weeks of fuel price hikes due to crude oil price volatility, with Brent and West Texas Intermediate (WTI) trading at around $84 and $87 per barrel over the weekend. Depot owners are reportedly dispensing petrol between N1,217 and N1,222 per litre at Pinnacle, Emedab, NIPCO, and Sigmund depots.

Additionally, AA Rano filling stations in Abuja have reduced their price by N30, bringing it down to N1,300 per litre. The development comes as Dangote Refinery announced the free distribution of its petrol across at least five states, including the Federal Capital Territory (FCT), at a gantry price of N1,215 per litre.