Dangote refinery cuts petrol price to N890
Dangote Petroleum Refinery has reduced the price at which it sells petrol to marketers to N890 from N950, effective from 1 February 2025.
The reduction comes less than two weeks after the company raised its ex-depot price from N899.50 to N950 as a result of rising global oil prices.
The company said in a statement late Saturday that the 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”.
It said: “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.
“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, 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.”