The Dangote Petroleum Refinery has slashed the ex-gantry price of its premium motor spirit, also known as petrol, to N699 per litre.

According to sources at the refinery, the price of the product was reduced by N129 from the previous price of N828 per litre.

“The refinery reduced its petrol price to N699 per litre,” a source said.

Also speaking, Abubakar Garima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that the refinery reduced its ex-depot price for petrol.

“The refinery reduced the price to N699 per litre and told marketers that we can start buying the product for the festive season,” he said.

The latest cut takes the ex-depot value to almost the price the commodity was sold for two years ago.

The development comes amid plans by the refinery to maintain attractive domestic price for the commodity.

Aliko Dangote, president of the Dangote Group, had said his refinery will continue to reduce the price of the product to compete with importers.

“Prices are going down. The reason why prices have to go down is because we have to also compete with imports,” Dangote said.

The billionaire entrepreneur said petroleum products (diesel and petrol) “will continue to be sold in the market at a very reasonable price”

On November 27, the Nigerian National Petroleum Company (NNPC) Limited reduced the price of petrol across its retail outlets in Lagos and Abuja.

The national oil company reduced its petrol price to N900 per litre in Lagos and N940 per litre in Abuja.