Dangote Slashes Petrol Loading Cost by N60-Here's Why

In a major move that could bring relief to fuel marketers and consumers, the Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre. This new pricing took effect from Saturday, February 1, 2025.

The announcement was made through an official statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, late on Saturday. According to the statement, the price adjustment is a strategic response to the evolving trends in the global energy and gas markets.

Chiejina highlighted that the recent decline in international crude oil prices was a key factor behind the price reduction. This aligns with Dangote Refinery's policy of adjusting fuel prices to reflect fluctuations in the global oil market.

"Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit from N950 to N890 per litre, effective February 1, 2025. This strategic adjustment reflects the positive outlook within the global energy markets and the recent reduction in international crude oil prices,ÔÇØ the statement read.

The refinery emphasized that this reduction demonstrates its commitment to transparency and fairness, ensuring that price changes align with global crude oil dynamics. It also referenced a previous price adjustment on January 19, 2025, when a slight increase was made due to rising crude oil costs at that time.

The price cut is expected to have a positive ripple effect across Nigeria's downstream oil sector, potentially reducing the cost of petrol at filling stations if marketers pass on the savings to consumers. However, the final pump price will depend on additional factors such as distribution costs and regional market dynamics.

With this development, Dangote Petroleum Refinery continues to play a significant role in stabilizing fuel prices in Nigeria, leveraging its capacity to meet a substantial portion of the nation's fuel demand.

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