Importers of petroleum products have lamented the repeated reduction of petrol prices by the Dangote Petroleum Refinery, The PUNCH reports.
Some of the importers said dealers might be compelled to sell below their cost prices as consumers would only buy from where petrol is cheaper.
On Wednesday, the Dangote refinery announced a reduction in the ex-depot (gantry) price of petrol by N65, from N890 to N825 per litre, effective from today, February 27.
This is the second price reduction in the new year, and the third one in a space of two months. Although the importation of the commodity has dropped, some dealers still import refined petroleum products.
This was confirmed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority last week after it stated that about 50 per cent of domestic fuel supply comes from imports.
A statement by the management of the Dangote refinery said the strategic price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
