Dangote Refinery cuts petrol and diesel prices again

Dangote Petroleum Refinery and Petrochemicals has announced a further reduction in the ex-depot prices for its petroleum products, signaling a commitment to making refined fuels more accessible in Nigeria. The price of Premium Motor Spirit (PMS), commonly known as petrol, has been lowered to N1,250 per liter from N1,275. Similarly, Automotive Gas Oil (AGO), or diesel, now costs N1,700 per liter, a decrease from N1,800.

Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote Group, stated that this price adjustment underscores the refinery's dedication to supporting Nigeria's economic activities by ensuring greater affordability of refined petroleum products. This latest reduction occurs against a backdrop of fluctuating global oil prices, influenced by geopolitical tensions in the Middle East and concerns regarding crude oil supply routes. These global market dynamics have led to significant price swings for fuel in various countries, including Nigeria.

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Under the latest price adjustment, the refinery reduced the ex-depot price of PMS, commonly known as petrol, to N1,250 per litre from N1,275 per litre, while the price of AGO (diesel) was cut to N1,700 per litre from N1,800 per litre.

Industry observers anticipate that filling stations across Nigeria will follow suit by lowering their pump prices, given Dangote Refinery's increasing role as a key domestic supplier. The refinery has adjusted its product prices multiple times in response to market conditions since commencing operations. Petrol, which previously sold for around N870 per liter before recent global tensions, now trades at approximately N1,370 and above in major Nigerian cities. The refinery's ongoing efforts aim to enhance supply efficiency, expand domestic refining capacity, and provide cost relief to consumers and businesses reliant on petroleum products for transportation, power, and industrial activities.

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The company said the move underscores its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.