Politics
Dangote Refinery Cuts Petrol Price To ₦1,165, Diesel To ₦1,570 – THISAGE
Following the fall in Brent Price from $100 per barrel to $79 pb in the wake a c lull in the Middle East war, Dangote Petroleum Refinery has announced a fresh reduction in the ex-depot prices of petrol and diesel, lowering the cost of Premium Motor Spirit (PMS) to ₦1,165 per litre and Automotive Gas Oil (diesel) to ₦1,570 per litre.
The new pricing, announced on Wednesday, reduces the ex-depot price of petrol by ₦50 from ₦1,215 per litre, while diesel falls by ₦80 from ₦1,650 per litre.
The refinery, however, said the adjustment forms part of its efforts to make refined petroleum products more affordable, improve access to fuel and support economic activity across the country.
The Dangote Group said the latest review reflects its commitment to supplying “affordable, high-quality petroleum products to the Nigerian market.”
The refinery added that it would continue to leverage operational efficiencies to lower costs and pass those gains on to customers whenever market conditions allow.
“We remain committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses and stakeholders”, the company said.
The latest reduction comes as Dangote Refinery continues to strengthen its position in Nigeria’s downstream petroleum market following the commencement of large-scale fuel production. The company has repeatedly said increasing local refining capacity is expected to reduce the country’s dependence on imported fuel, improve supply stability and lower costs over time.
Although the new prices apply to sales from the refinery to marketers, they could filter through to filling stations if distributors and retailers pass on the lower acquisition costs to motorists and other consumers.
The announcement follows a series of pricing adjustments by the refinery over the past year as it responds to movements in crude oil prices, exchange rates, operating costs and competition within Nigeria’s deregulated downstream market.
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