Dangote Refinery has reduced its selling price of petrol to retailers from N950 per litre to N890 per litre.
Anthony Chiejina, the company’s Group Chief Branding and Communication Officer, announced this in a statement at the weekend.
“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,” Mr Chiejina said.
The announcement means marketers will now buy petrol from Dangote at N890. They will be expected to add their own expenses such as transportation, as well as their profit margin, to determine the final selling price to consumers at filling stations. However the final selling price to consumers is expected to reduce 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,” he 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.
In addition, he said Dangote Petroleum Refinery calls upon marketers to collaborate in this effort to ensure that these benefits are passed on to the Nigerian populace.
“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.
Dangote refinery is a major supplier of petrol for local consumption. The NNPC also supplies from its refinery while some marketers still import the product.
