The Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre.
This price reduction, which is effective immediately, has been hailed as a significant move to help alleviate the economic pressures on Nigerian consumers, businesses, and various sectors of the economy.
Anthony Chiejina, a spokesperson for Dangote Petroleum Refinery, explained that the company’s decision to reduce the price of petrol comes after careful analysis of the international oil market.
He pointed out that in January 2025, the company had made a modest increase in petrol prices due to the rising cost of crude oil globally. However, the recent stabilization of international oil prices provided an opportunity for the refinery to lower its prices, benefiting consumers nationwide.
“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.”
Anthony Chiejina, Spokesperson for Dangote Petroleum Refinery
Chiejina further emphasized that the price revision reflects the fluctuations in global crude oil markets, a factor the refinery has consistently highlighted as part of its pricing strategy.
Dangote Refinery attributed the price cut to favorable conditions in the global energy and gas markets, as well as a recent dip in international crude oil prices.
The refinery emphasized that this adjustment reflects the company’s ongoing commitment to staying responsive to market dynamics, ensuring fair pricing while aligning with global trends.
The reduction in petrol prices is expected to have a cascading effect across Nigeria’s economy. Dangote Petroleum Refinery believes that lowering the price of PMS from N950 to N890 per liter will significantly reduce the cost of transportation and goods, thereby helping to lower the overall cost of living in the country.
A decrease in petrol prices typically leads to reduced transportation costs, which in turn positively impacts the price of goods and services in both urban and rural areas.
Appeal to Stakeholders
The company also called upon marketers and distributors to ensure that the benefits of the price reduction are passed on to consumers at the retail level.
The refinery urged stakeholders in the petroleum sector to work collaboratively, ensuring that the positive effects of the price reduction reach Nigerian households and businesses.
“Dangote Petroleum Refinery firmly believes that this reduction 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, with a positive ripple effect on various sectors of the economy.”
Anthony Chiejina, Spokesperson for Dangote Petroleum Refinery
The announcement also aligns with Nigeria’s broader economic recovery agenda, as championed by President Bola Ahmed Tinubu’s administration.
The reduction in petrol prices is seen as part of the government’s ongoing efforts to stabilize the economy and ease the financial burden on citizens. By fostering a more favorable pricing environment for petroleum products, the administration aims to drive down inflationary pressures and enhance the purchasing power of Nigerian consumers.
Dangote Petroleum Refinery’s move is also consistent with the broader goal of achieving energy self-sufficiency and boosting Nigeria’s position as a key player in the global oil market.
In recent years, Nigeria has sought to reduce its reliance on imported petroleum products, which have been a drain on the country’s foreign reserves.
With Dangote Refinery ramping up its production capacity, Nigeria aims to fulfill its domestic demand for refined petroleum products and potentially export to other nations.
“The reduction in petrol prices reflects our commitment to transparency and fairness in the energy sector.
“It also supports Nigeria’s long-term objective of becoming self-sufficient in refined petroleum products while contributing to economic growth and stability.”
Anthony Chiejina, Spokesperson for Dangote Petroleum Refinery
As the country continues to work towards energy independence, this price adjustment is a reflection of the delicate balancing act that the Dangote Petroleum Refinery must navigate.
By aligning its pricing strategy with international market trends while ensuring that the Nigerian consumer benefits from lower costs, the company has demonstrated its commitment to both the economy and its customer base.
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