Dangote Refinery has announced a reduction in its ex-depot price for Premium Motor Spirit (PMS), commonly referred to as petrol, lowering it from ₦950 per litre to ₦890. This adjustment takes effect from February 1, 2025.
Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, explained that the price cut was influenced by market conditions. He highlighted that the adjustment is a response to the positive outlook in the global energy and gas markets, as well as a recent decline in international crude oil prices.
Previously, the refinery had increased its petrol price due to rising crude oil costs. However, the latest revision reflects ongoing fluctuations in global markets and underscores the refinery’s dedication to transparency and fairness. The reduction is expected to positively impact the cost of living across the country.
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The company anticipates that lowering the ex-depot price will contribute to a decrease in petrol costs nationwide, ultimately reducing prices of goods and services and benefiting various sectors of the economy. Chiejina emphasized that Dangote Petroleum Refinery is committed to ensuring these benefits reach consumers and called on fuel marketers to support this effort.
This initiative aligns with President Bola Ahmed Tinubu’s broader economic recovery plan, which seeks to enhance Nigeria’s self-sufficiency in refined petroleum products and strengthen its position as a major oil export hub.
The 650,000-barrel-per-day Dangote Refinery, developed by Nigerian billionaire Aliko Dangote, began producing diesel and aviation fuel in January of the previous year. Initially scheduled for operation in 2021, the refinery was officially inaugurated by former President Muhammadu Buhari in 2023.
Since taking office in May 2023, President Tinubu has introduced economic reforms such as eliminating fuel subsidies and floating the naira. While these measures aim to attract foreign investment and promote long-term growth, they have also led to increased fuel prices, inflation reaching 34% in June 2024, and a depreciating naira, raising the cost of imported goods.
Dangote Refinery’s price reduction comes as a welcome relief amid economic challenges, potentially easing financial burdens on Nigerians and fostering greater economic stability.
