- Dangote Refinery Crashes Petrol Price By ₦75 After Recent Hike
- Marketers welcome reversal after recent fears of fresh fuel price hike.
- Diezani tells UK court oil contract approvals were mostly procedural.
The Dangote Petroleum Refinery has announced a fresh reduction in the ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol.
Naija News reports that the refinery reduced the price by ₦75, bringing the new ex-depot price of petrol to ₦1,200 per litre.
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EKO HOT BLOG reports that the latest development comes barely two days after the refinery adjusted the ex-depot price upward to ₦1,275 per litre from the previous ₦1,200.
With the new announcement, Dangote Refinery has effectively reversed the recent price increase, easing concerns among marketers and operators in the downstream petroleum sector.
Industry stakeholders said the decision has brought temporary relief to the market, especially after reports emerged earlier that the refinery had increased prices due to fluctuations in global crude oil prices.
The refinery stated that the latest adjustment nullifies the previous increase of ₦75 and restores the earlier pricing structure at the loading gantry.
Operators within the sector noted that the sudden reversal has helped calm fears among petroleum marketers who had already begun making strategic adjustments in anticipation of another round of price hikes.
The reduction is also expected to influence pump prices across several filling stations if marketers pass the new cost adjustments to consumers.
Meanwhile, former Minister of Petroleum Resources, Diezani Alison-Madueke, has told a United Kingdom court that her role in approving oil contracts during her time in office was largely procedural.
Testifying before the Southwark Crown Court in London, Diezani said most major decisions regarding oil contracts had already been concluded before files reached her office.
She explained that the structure of Nigeria’s oil industry limited her direct involvement in the process, noting that officials of the Nigerian National Petroleum Corporation (NNPC) handled most technical and regulatory decisions.
According to her, by the time contract documents were forwarded to her for approval, they had already passed through several layers of scrutiny and due process.
Diezani added that she rarely rejected approvals because most of the required procedures had already been completed before the documents reached her desk.
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