Dangote Petroleum Refinery has reduced the ex-depot price of petrol from N950 to N890 per litre, effective February 1, 2025. The adjustment follows a decline in global crude oil prices. The refinery urges marketers to pass the benefits to consumers, aiming to ease fuel costs and lower living expenses in Nigeria.
Dangote Petroleum Refinery has announced a reduction in its ex-depot petrol price, lowering it from N950 to N890 per litre. The new price takes effect from February 1, 2025. This decision follows a drop in global crude oil prices and aligns with the refinery’s strategy to stabilize fuel costs in Nigeria.
In a statement issued by the Group's Chief Branding and Communications Officer, Anthony Chiejina, Dangote Refinery explained that the price adjustment reflects current trends in the international energy market. The global benchmark, Brent crude, recently fell to $77.48 per barrel, down from $81 recorded earlier in January.
The refinery emphasized that the reduction aims to alleviate the financial burden on consumers and contribute to economic stability. It also called on fuel marketers to ensure the price cut benefits Nigerians by maintaining fair pricing at retail outlets.
Dangote Petroleum Refinery reaffirmed its commitment to supporting Nigeria’s economic recovery and ensuring a steady supply of refined petroleum products. The company urged collaboration among industry stakeholders to make fuel more affordable and boost economic growth.
The move comes weeks after the refinery increased petrol prices due to rising crude oil costs. However, with the global market now experiencing a downward trend, Dangote Refinery is passing on the benefits to consumers. The company expressed optimism that this reduction would positively impact the cost of living and prices of goods and services across the country.
