DANGOTE SLASHES PETROL PRICE BY N50 AGAIN

The Dangote Petroleum Refinery has announced another reduction in the ex-depot price of petrol, slashing it by N50 per litre effective immediately, bringing further relief to consumers amid ongoing economic pressures.

In a statement issued on Friday, the refinery said the new price adjustment reflects a continued decline in global crude oil prices and improved operational efficiency at the facility. The latest cut brings the ex-depot price to N890 per litre, down from N940.

Dangote Refinery Group Managing Director, Mr. Devakumar Edwin, attributed the price reduction to the company’s commitment to supporting the Nigerian economy and easing the burden on citizens. “We are pleased to pass on the benefits of lower input costs to Nigerians. This is the second reduction in recent weeks, and we will continue to monitor market fundamentals to ensure affordability,” Edwin stated.

The development has been welcomed by marketers and consumers. The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Okonkwo, described the move as “timely and commendable.” He noted that the reduction will help stabilise pump prices and reduce the cost of transportation and goods and services.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that the new price will be reflected across retail outlets supplied by the Dangote Refinery. The authority urged other marketers to adjust their prices accordingly to reflect the current market reality.

This latest price slash comes as the Dangote Refinery ramps up production and continues to play a pivotal role in Nigeria’s quest for self-sufficiency in petroleum products. Industry analysts believe that sustained local refining will help stabilise fuel prices and reduce the country’s dependence on imported petrol.

Consumers expressed relief, with many hoping that the downward trend will continue and translate to lower transportation fares and reduced cost of living. The Federal Government has also commended Dangote Refinery for its consistent contribution to price moderation in the downstream sector.