Dangote Slashes Petrol Price By N50/Litre, Diesel By N80

The Dangote Petroleum Refinery has reduced the ex-depot prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in a move aimed at making refined petroleum products more affordable for consumers and businesses across Nigeria.

Under the new pricing structure announced on Wednesday, the refinery cut the ex-depot price of petrol by N50 per litre, bringing it down to N1,165 per litre from N1,215 per litre.

Diesel prices were also reduced by N80 per litre, falling from N1,650 per litre to N1,570 per litre.

The company said the latest price adjustment reflects its commitment to improving energy affordability, expanding access to refined petroleum products and supporting economic activities at a time when businesses and households continue to grapple with elevated operating and transportation costs.

In a statement issued by the Dangote Group, the refinery said the reductions were driven by improved operational efficiencies and formed part of its strategy to deliver value to customers while maintaining a reliable supply of petroleum products.

“The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products and support economic activities across Nigeria,” the statement said.

According to the company, it remains committed to providing affordable, high-quality petroleum products to the domestic market and will continue to pass the benefits of operational improvements to consumers whenever market conditions permit.

The refinery added that it would sustain stable product supply while leveraging its operational efficiency to create long-term value for consumers, businesses and other stakeholders in the downstream petroleum sector.

Industry observers expect the reduction in ex-depot prices to influence pump prices across retail outlets supplied by the refinery, potentially easing transportation and logistics costs if marketers fully reflect the lower acquisition costs in their retail pricing.

The latest adjustment comes as the 650,000-barrels-per-day Dangote Petroleum Refinery continues to consolidate its position as a major supplier of refined petroleum products in Nigeria, reducing the country’s dependence on imported fuels and improving the availability of locally refined products.

The company said its operations remain central to strengthening Nigeria’s energy security by ensuring a steady supply of world-class petroleum products while supporting the Federal Government’s objective of enhancing domestic refining capacity and conserving foreign exchange previously spent on fuel imports.