Dangote Petroleum Refinery has reduced the ex-depot price of petrol from N950 to N890 per litre, a move aimed at enhancing market competitiveness and providing relief to consumers. The new price takes effect from February 1, 2025.
The latest adjustment comes as the Nigerian fuel market experiences fluctuations, especially in response to competition with imported petrol, which has seen varying price trends.
In a statement on Saturday night, Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, attributed the price reduction to prevailing market realities and the declining global 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 stated.
He also recalled that the refinery had previously implemented a modest price increase due to the rising cost of crude oil in the international market but has now decided to pass on the benefits of the current downward trend to consumers.
According to Dangote Refinery, the reduction from N950 to N890 per litre is expected to significantly lower petrol costs nationwide, potentially leading to a decrease in transportation expenses, the cost of goods and services, and the overall cost of living. The company expressed confidence that the move would have a positive ripple effect across various sectors of the economy.
Dangote Petroleum Refinery also urged marketers to cooperate in ensuring that the benefits of the price reduction reach the Nigerian populace.
This latest price cut follows a similar reduction in December 2024 when the refinery adjusted its ex-depot price from N970 to N899.50 per litre. The company has been adjusting petrol prices in line with shifts in the international crude oil market and domestic economic conditions.
