THE pump price of petrol is expected to come down in the coming days as the Dangote Petroleum Refinery slashed its ex-depot price to N840 per litre.

The 650,000 capacity built refinery announced the ex-depot price reduction on Monday, June 30.

The development, which reflects the decline in crude oil prices in the international market, industry analysts say, should see the pump price of petrol fall likewise.

On Monday, Brent crude settled to $67.61 a barrel and the Unìted States West Texas Intermediate (WTI) to $65.11 a barrel after the two-week Israel-Iran crisis saw oil prices shoot above $75.

The ICIR can report that following the recent Middle East tension, pump prices of petrol were adjusted upward, and are currently selling as high as N945 per litre in most parts of the country.

The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery retail outlets partners, including MRS Oil and AP (Ardova), adjusted their pump prices upward at the time.

In its latest ex-depot price reduction, the Dangote Refinery said it had dropped the price by N40 to N840 with immediate effect as the two-week Israel-Iran conflict eased.

The downward review came about a week after the refinery jacked up the ex-depot price per litre of petrol to N880.

As such, filling stations including MRS Oil, Ardova, Heyden, and other retail outlets partnering with the Dangote Refinery are expected to reduce their pump price to below N900 to reflect the marginal reduction in the ex-depot price of the premium commodity.

The ICIR reported on June 23 that MRS filling stations, a major key retail outlets partner with Dangote Refinery, adjusted its pump price to N925 per litre in Lagos, N935 in other south-west states, N945 in north-west and north-central, and N955 in north-east, south-south and south-east.

The Dangote Refinery ex-depot price reduction by N40  followed a drop in oil prices as the two-week Middle East conflict between Israel and Iran eased.

The ceasefire between the two countries saw Brent crude fall to close at $67.61 a barrel from around $80 a barrel after the United States bombed Iran’s nuclear facilities.

The ICIR can also report that before the recent conflict between Israel and Iran, the Dangote Refinery had on Sunday, June 15, announced plans to start free distribution of petrol and diesel to marketers, dealers, and other large users across the country to reduce pump prices.

The initiative, expected to take off on August 15 this year, has been greeted by mixed feelings from oil marketers as some believe it would take away jobs from operators within the value chain, while others see it as a welcome scheme.

The pump price of petrol, which has risen fivefold since President Bola Tinubu removed fuel subsidy in May 2023, many analysts believe, is fueling the hardship Nigerians face.

The pump price of petrol has jumped from about N190/litre in May 2023 to close to N1000 per litre at the moment, spiking inflation and causing the prices of all goods and services to skyrocket.