Dangote Refinery slashes petrol price by N50, diesel by N80

Dangote Petroleum Refinery has further reduced the ex-depot prices of Premium Motor Spirit, PMS, popularly known as petrol, and Automotive Gas Oil, AGO, also known as diesel, in a move aimed at improving access to affordable refined petroleum products.

Under the new pricing structure, the refinery reduced the ex-depot price of petrol to N1,165 per litre from N1,215 per litre, representing a reduction of N50 per litre.

The refinery also cut the ex-depot price of diesel to N1,570 per litre from N1,650 per litre, amounting to a reduction of N80 per litre.

The company said the latest price adjustment reflected its continued efforts to improve energy affordability, expand access to high-quality petroleum products and support economic activities across the country.

The reduction is expected to provide some relief to petroleum product marketers, transport operators, manufacturers, businesses and other consumers who rely heavily on petrol and diesel for transportation, production and power generation.

However, the extent to which the reduction will affect retail prices at filling stations will depend on distribution costs, logistics, marketers’ margins and other market factors.

Dangote Petroleum Refinery said it remained committed to maintaining a stable supply of refined petroleum products while leveraging operational efficiencies to deliver value to consumers, businesses and other stakeholders.

The company said the price review was part of its broader commitment to strengthening Nigeria’s energy security and supporting economic growth through the local production and supply of refined petroleum products.

“As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports and supporting the nation’s economic development through the supply of world-class petroleum products,” the company said.

The refinery said its operations were expected to support efforts to reduce Nigeria’s dependence on imported petroleum products and improve the availability of locally refined fuel.

It added that increased local refining capacity could strengthen supply security, reduce exposure to external market disruptions and support the development of domestic industries.

The company reaffirmed its commitment to contributing to the growth of the Nigerian economy and passing the benefits of improved operational efficiencies to consumers whenever market conditions permitted.

Dangote Petroleum Refinery said it would continue to pursue measures aimed at improving operational efficiency, ensuring product availability and supporting the country’s energy needs.

The latest reduction comes as consumers and businesses continue to seek relief from high energy and transportation costs, with petrol and diesel prices remaining key drivers of operating expenses across several sectors of the economy.