- Dangote Petroleum Refinery has reduced the ex-depot price of petrol from ₦950 to N890 per litre, effective February 1, 2025
- The price cut is a response to global energy market trends and a recent decline in international crude oil prices
- Dangote Refinery urges marketers to pass on the benefits of the price cut to consumers
In a significant move aimed at addressing market conditions, the Dangote Petroleum Refinery has lowered its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre.
The new pricing takes effect from Saturday, February 1, 2025.
Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Group, stated that the price reduction was influenced by shifts in the global energy and gas markets, as well as a recent decline in international crude oil prices.
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices,” Chiejina noted.
He also recalled that the refinery had implemented a modest price increase a few weeks ago due to rising crude oil prices at the time.
However, with recent fluctuations in the global oil market, Dangote Refinery has now adjusted its prices downward to reflect the latest market realities.
The refinery believes that the price reduction will contribute to lowering the cost of petrol across Nigeria, which in turn could ease inflationary pressures on goods and services.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living,” the statement read.
The company also called on petroleum marketers to ensure that the benefits of this price cut reach consumers across the country.
Dangote Refinery reiterated its commitment to supporting the Nigerian government’s economic recovery efforts, led by President Bola Ahmed Tinubu.
The statement emphasised that the refinery’s goal is to enhance Nigeria’s self-sufficiency in refined petroleum products and position the country as a key player in the global oil export market.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” the statement added.
The price revision comes as international crude oil prices have shown a downward trend. Brent crude, the global benchmark, was trading at $77.48 per barrel on Friday, January 31, reflecting a $4 drop from the $81 per barrel recorded in early January.
Africa’s largest refinery, Dangote, exports first PMS to Cameroon
Meanwhile, TheRadar earlier reported that Africa’s largest refinery, Dangote Refinery, shipped its first Premium Motor Spirit (PMS) to Cameroon in partnership with Neptune Oil.
In a statement released on Wednesday, December 11, Dangote expressed that the achievement was made possible by the strategic alliance between the two companies, reinforcing their dedication to boosting Nigeria-Cameroon economic relations and addressing the growing energy demand in the region.