Dangote Refinery Announces Further ₦15 Reduction in Petrol Price

In a move welcomed by consumers and stakeholders across the country, Dangote Petroleum Refinery and Petrochemicals has announced a further ₦15 reduction in the pump price of its high-quality Premium Motor Spirit (PMS), commonly known as petrol.

The latest price cut comes as part of the company’s strategic efforts to make fuel more affordable for Nigerians and support the Federal Government’s economic stabilization initiatives. The refinery, Africa’s largest, began domestic supply of refined petrol earlier this year and has since implemented a series of downward price adjustments in response to improved production efficiencies and stable crude oil sourcing.

In a statement released on Thursday, the management of Dangote Refinery said the new price reflects its commitment to delivering value to Nigerians through competitive pricing and local refining capacity.

“We are pleased to announce an additional ₦15 reduction in the ex-depot price of Premium Motor Spirit from our refinery. This decision aligns with our mission to ease the burden on consumers and contribute meaningfully to the economic well-being of Nigerians,” the statement read.

Industry experts say the price reduction could have a ripple effect across the downstream sector, potentially leading to lower retail pump prices at filling stations nationwide, increased market competition, and reduced transportation costs for goods and services.

Located in the Lekki Free Trade Zone in Lagos, the 650,000 barrels-per-day refinery is considered a game-changer in Nigeria’s energy landscape. Since commencing operations, it has been credited with significantly reducing the country’s dependence on imported fuel and improving supply chain efficiency across the West African subregion.

Economists and consumer advocacy groups have lauded the price adjustment, calling it a timely intervention amid persistent inflationary pressures and rising cost of living.