Dangote Refinery has reduced its premium motor spirit ex-depot price to N840 from N880 per litre, a decrease of N40 per litre.
The reduction has prompted petroleum product marketers to plan an emergency meeting to drop fuel prices nationwide starting Tuesday.
“We will be meeting on Tuesday to review our PMS prices following the latest petrol reduction announced by Dangote. Certainly, the petrol price would come down from tomorrow,” Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria, said.
Truth Live News gathered that, as of Monday, petrol prices in Lagos and Abuja ranged from N875 to N970 per litre, depending on the outlet.
Some filling stations, including MRS, AA Rano, Shafa, Mobile, Eterna, and AP Ardova, sell petrol at N945 per litre, while others like Ranoil and Empire filling stations dispense petrol between N950 and N970.
The price reduction is attributed to the de-escalation of the conflict between Israel and Iran, which led to a downward trend in global oil prices, with Brent and West Texas Intermediate crude futures falling to $67.81 and $64.97 per barrel, respectively.