Confirming the price reduction to Punch Newspapers, an official of the refinery said: “The refinery has reduced petrol gantry price to ₦699 per litre.”

Although this comes at a time when Nigerians are preparing to travel for the Christmas break, many are wondering if the reduction will impact the usual hike in transportation costs that typically occurs in December.

While it remains unclear how transport companies will respond to the reduction, Dangote had already indicated about a week ago that petrol prices would continue to fall as the refinery ramps up production at its mega facility — considered the biggest single-train refinery in the world.

“Prices are going down. The reason why prices have to go down is that we have to also compete with imports," Dangote said on December 6 after a closed-door meeting with President Bola Tinubu.