Barely three weeks after announcing an increase in the cost of loading Premium Motor Spirit, commonly known as petrol, the Dangote Petroleum Refinery has made a surprising move by reducing its ex-depot (gantry) price of petrol, lowering it from N950 to N890 per litre.
In a statement signed by Group Chief Branding and Communications Officer, Anthony Chiejina on Saturday night, the refinery said 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.
This change takes immediate effect from Saturday, 1st February 2025.
It noted that the price revision reflects the ongoing fluctuations in global crude oil markets. Brent crude, the international benchmark, was traded at $77.48 per barrel on Friday, marking a reduction of $4 from $81 per barrel recorded in early January.
The statement read in part, “Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit, commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
“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.
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.”
The refinery also expressed its assurance that the reduction 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.
It further called on marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
The statement added, “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,” the statement concluded.
(Folder NG)