Following the price reduction announced by the Dangote Petroleum Refinery on Saturday, certain gas stations along the Lagos-Ibadan Expressway and in other parts of Lagos and Ogun states have lowered gas rates to less than N1,300 per litre.

On Saturday, the Dangote refinery announced a decrease in the ex-depot price of gasoline, claiming that this action reaffirmed its commitment to lowering the cost of refined petroleum products and promoting economic activity throughout Nigeria.

The refinery lowered the price of diesel to N1,700 per litre from N1,800 per litre and the price of gasoline to N1,250 per litre from N1,275 per litre.

Our correspondent saw on Tuesday that several MRS gas stations in Ogun State's Mowe/Ibafo axis of the Lagos-Ibadan Expressway had changed their pump rates to N1,286 per litre.

In a similar vein, SGR sold gasoline on Monday for N1,297 a litre, while NIPCO and Heyden sold it for N1,290.

But according to our source, numerous outlets continued to sell petrol for more than N1,300 per litre. Mobil sold at N1,310 per litre, Asharami at N1,320 per litre, while the Nigerian National Petroleum Company Limited's retail locations in Ibafo modified their pumps to N1,305 per litre.

According to Dangote, the price review was a component of the refinery's ongoing initiatives to increase supply efficiency, expand domestic refining, and lower costs for customers and companies that rely significantly on petroleum products for industrial processes, power generation, and transportation.

Additionally, it was noted that several gas stations now sell fuel at N1,800 per litre instead of the prior N1,900.

In an effort to lessen Nigeria's reliance on imported fuels, the 650,000-barrel-per-day refinery has gradually supplied the domestic market with refined goods since it started operating.

The price cut coincided with the recent drop in oil prices over the weekend prior to Monday's recovery, according to a Dangote refinery official.

Recall that following the escalation of tensions between the United States and Iran on February 28, crude oil, the primary feedstock for fuel production, increased from less than $70 per barrel. Global gasoline costs sharply increased over the three months of the conflict as oil traded above $100 and occasionally beyond $115.

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