The management of the Dangote Petroleum Refinery has slashed the price of its ex-depot premium motor spirit, also known as petrol, from N880 to N840 per litre.
The move comes a week after the 600,000-barrel-a-day refinery increased the ex-depot price followokg increase in global oil trend.
However, the chief corporate communications officer of Dangote Group, Anthony Chiejina, announced on Monday that a N40 reduction from the previous rate of N880 per litre.
Brent crude experienced a downward trend with oil falling to 1.54 per cent from $68.67 on June 23 to $67.61 before the close of business today.
The Nigerian National Petroleum Company (NNPC) Limited are also expected to reduce the price of petrol after raising pump price to N925 per litre in Lagos and N940 per litre in the Federal Capital Territory.
Oil price started rising after Israel attacked Iran, with many fearing that it may remain high of the war drags on. But once a ceasefire was established, the price of oil began to drop back to pre-war levels.
