NB247
Dangote Petroleum Refinery has again announced a reduction in its price of petrol from N950 per litre to N890 per litre to retailers.
The company’s Group Chief Branding and Communication Officer, Anthony Chiejina, disclosed this in a statement on Saturday night.
“Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025,” Chiejina said.
The implication is that marketers will now buy petrol from Dangote at N890.
They would determine the new pump price after considering other expenses imputed afterwards.
There are expectations however that the final selling price to consumers could be reduced from about N1,000 to around N950 at filling stations that buy from Dangote refinery.
The latest reduction by Dangote occurs about two weeks after it increased its gantry price.
On 17 January, the company announced an upward adjustment in the gantry price of petrol for marketers.
According to the company, at quantities ranging from 2 million to 4.99 million litres, customers would pay N955 per litre, up from N899.5. However, for 5 million litres and above, the price would be N950 per litre, up from N895.
In its statement on Saturday, the company said the latest price reduction 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.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices,” Chiejina said.
He said 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, with a positive ripple effect on various sectors of the economy.
“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,” he added.
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