Dangote Petroleum Refinery has reduced the ex-depot price of petrol to N840 per litre.
The price dropped by N40 from the previous rate of N880 per litre.
The change was announced on Monday and comes shortly after the Nigerian National Petroleum Company (NNPC) Limited raised the pump price of petrol in Lagos to N925 per litre.
The refinery had just adjusted its rate to N880 a week earlier before this fresh reduction.
The new price was influenced by a fall in global oil prices, as Brent crude slipped from $68.67 on June 23 to $67.61 by the end of the day.
Dangote Refinery has also announced plans to begin full nationwide distribution of diesel and petrol from August 15.
To support this, the company has acquired 4,000 compressed natural gas (CNG)-powered trucks for distribution across the country.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns that Dangote’s growing control of the sector could create a monopoly and affect jobs in the downstream sector.
The Major Energies Marketers Association of Nigeria (MEMAN) has also asked for more clarity on the company’s distribution plans.
According to Dangote Group, its fuel distribution strategy is expected to save the country over N1.7 trillion each year.
The company said it invested more than N720 billion in the purchase of its new fleet of CNG trucks.
