Dangote reduces petrol price, PETROAN issues directive to marketers
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on fuel marketers to lower the pump price of Premium Motor Spirit (PMS), commonly known as petrol, following a recent reduction in the ex-depot price by Dangote Refinery.
Gistreel reported that on Saturday, Dangote Refinery announced a price cut, reducing the ex-depot rate from ₦950 to ₦890 per litre. The decision was attributed to declining global crude oil prices and a positive outlook in the international energy market.
According to reports, this adjustment comes just weeks after the refinery had increased fuel prices due to rising crude oil costs.
In a statement, Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, highlighted that the reduction aligns with the company’s commitment to transparency and reflects global market trends.
“Dangote Petroleum Refinery firmly believes that lowering the price from ₦950 to ₦890 will significantly reduce petrol costs across the country, leading to lower prices of goods and services and easing the overall cost of living,” the statement read.
The refinery also urged fuel marketers to cooperate in ensuring that consumers benefit from the price reduction.
“This collective effort will support the broader economic recovery plan led by President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a major oil export hub,” the statement added.
Reacting to the development, PETROAN’s National President, Billy Gillis-Harry, welcomed the price cut but noted that immediate reductions at filling stations might not be feasible due to existing stock purchased at higher prices.
“Since fuel stations have already stocked up at the previous rate, implementing an instant price reduction may be challenging,” Gillis-Harry said during an interview on Arise TV.
However, he encouraged all marketers purchasing at the new ex-depot price from Sunday (today) onward to reflect the change at their retail outlets.
Recent Price Adjustments by Dangote Refinery:
- December 19, 2024: Price reduced by 7.5% to ₦899.50 per litre.
- January 17, 2025: Price increased to ₦955 per litre due to rising crude oil costs.
- January 27, 2025: Price lowered to ₦890 per litre following a drop in global crude prices.
