Dangote Refinery has done it again! They’re dropping the price of petrol to ₦828 per litre, a 5.6% reduction from ₦877. What’s even more interesting is that this move comes despite crude oil prices rising to $64 per barrel.

According to insiders, the price cut is thanks to a new crude supply deal between Dangote Refinery and NNPC Limited, under the naira-for-crude framework.

As part of the deal, NNPC Ltd will supply the refinery with five December-loading crude shipments, including Amenam, Bonny Light, Forcados, and Qua Iboe.

“The price adjustment is expected to bring some relief to fuel marketers and consumers nationwide, following weeks of elevated pump prices,” said Petroleumprice.ng.

Depot operators in Lagos have already started loading at the new price, and we’re expecting prices to drop at retail outlets soon.

S&P Global Commodity Insights notes that Dangote’s price remains below import parity, giving them a cost advantage in the domestic market.

This is great news for consumers, but S&P Global also warns that strong regulatory oversight is needed to ensure market transparency and fair competition.