Business

Dangote Refinery Cuts Petrol Ex-Depot Price to ₦890 Per Litre

The Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 to ₦890 per litre, effective Saturday, February 1, 2025.

The Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, stated that the price cut reflects market realities, including declining 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 said in an official statement on Saturday night.

The refinery, which earlier raised petrol prices due to rising crude oil costs, emphasized that this price revision aligns with ongoing global market fluctuations and its commitment to transparency and fairness.

The company expressed optimism that the new price would help reduce the cost of petrol nationwidelower the cost of goods and services, and have a positive impact on the overall cost of living.

“Dangote Petroleum Refinery firmly believes that this reduction will result in a meaningful decrease in the cost of petrol nationwide, driving down the prices of goods and services, with a positive ripple effect on various sectors of the economy,” Chiejina added.

The refinery also urged marketers to pass on the benefits of this price cut to consumers, aligning with the economic recovery plans of President Bola Ahmed Tinubu.

The 650,000-barrel-per-day Dangote Refinery, built by billionaire Aliko Dangote, began producing diesel and aviation fuel in January 2024 after years of delays.

President Bola Tinubu’s economic reforms, including the removal of fuel subsidies and the floating of the naira, were aimed at attracting foreign investment and fostering long-term growth. However, these policies have led to soaring inflation, tripled fuel prices, and a significant depreciation of the naira, worsening the cost-of-living crisis.

Despite the challenges, Dangote Refinery’s latest price cut may provide some relief to consumers struggling with rising costs.

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