DANGOTE REFINERY ANNOUNCES ₦100 PETROL PRICE CUT TO ₦1,075/LITRE



Dangote Refinery has reduced its ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,075 per litre, representing a ₦100 drop from the previous price of ₦1,175 per litre.

According to the Dangote Group’s Chief Communications Officer, Anthony Chiejina, petrol supplied through coastal distribution channels will now sell for about ₦1,050 per litre, offering some relief to distributors and consumers.

The refinery also announced a reduction in diesel prices, cutting the cost from ₦1,620 to ₦1,430 per litre, a ₦190 decrease. Under the revised pricing structure, the coastal price of petrol has also been adjusted downward, reflecting the company’s latest pricing review.

Dangote Refinery explained that the price adjustments were made in response to declining global crude oil prices. The company stated that all crude used at the refinery is priced according to international benchmark rates, with an additional premium of about $3 to $6, and paid for at the prevailing foreign exchange rate without any subsidy.

The refinery added that crude supplied under the Naira-for-Crude arrangement is still priced based on global benchmark prices and then converted to naira using the current market exchange rate.

The company reiterated its commitment to supporting Nigeria’s energy security while responding to global market realities. The latest adjustment marks the first petrol price reduction after three consecutive price hikes in recent weeks, which had pushed prices significantly higher.

Despite the reduction, oil marketers have cautioned that petrol prices may continue to rise due to global oil market volatility. Industry experts warn that if geopolitical tensions affecting crude oil supply persist, the price of petrol in Nigeria could potentially climb toward ₦1,500 per litre.

However, marketers note that the steady supply of petroleum products from Dangote Refinery remains crucial in preventing fuel shortages and maintaining stability in Nigeria’s energy market.

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