The Dangote Petroleum Refinery has reduced the price of petrol from N840 to N820 per litre, marking its second price cut in one week. Just days earlier, the price had dropped from N880 to N840.

The cumulative N60 reduction represents a 6.82 per cent decrease in pump price within a week.

Spokesman for the Dangote Group, Anthony Chiejina, said on Tuesday that the move is part of efforts to ease the financial burden on Nigerians by making fuel more affordable.

“We have reduced petrol gantry price to N820 from N840 per litre,” he stated, noting that the price slash took effect from Tuesday.

Recall that less than three weeks ago, Dangote, the Nigerian National Petroleum Company, and other major fuel distributors increased petrol prices, citing a surge in global crude oil prices driven by tensions between Israel and Iran.

During the hike, petrol pump prices surged to between N915 and N955 across various locations, up from below N900 previously.

In the far north, prices reached as high as N960 to N980, largely due to transportation costs over long distances.

However, pump prices began to ease last week after global crude oil prices dropped below $70 per barrel.

The decline followed a de-escalation of hostilities between Israel and Iran, easing fears of a potential supply disruption in the Middle East.