Dangote Petroleum Refinery has announced a reduction in the ex-depot price of petrol from N950 to N890 per litre, effective February 1, 2025.
This adjustment comes amid ongoing competition in the Nigerian fuel market, particularly against imported petrol, which has seen fluctuating prices recently.
The company said yesterday, the decision to lower prices is part of it’s strategy to remain competitive and provide relief to consumers amidst rising global crude oil prices.
The Dangote Group Chief Branding and Communications Officer Anthony Chiejina said the reduction is based on market realities.
“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 on Saturday night.
He recalled that Dangote Refinery a few weeks back implemented “a modest increase” in the price of the essential commodity “due to the previously rising international crude oil prices.”
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,” Chiejina said.
The Dangote Petroleum Refinery called on marketers to “collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace
This new pricing structure is expected to influence the overall market, potentially leading to further reductions in pump prices across Nigeria.
Dangote Refinery has been adjusting its petrol prices in response to market dynamics and the price of crude oil in the international market.
Recall that the ex-depot price of petrol was previously slashed to from N970 to N899.50 per litre on December 19, 2024.
