The Dangote Petroleum Refinery has announced a new reduction in the price of Premium Motor Spirit (PMS), commonly referred to as petrol, bringing the cost down to ₦970 per litre for oil marketers.
This decision comes as part of the refinery’s broader strategy to support the Nigerian market and provide some relief amid fluctuating fuel prices. The move is expected to offer significant cost benefits for oil marketers sourcing fuel from the refinery and, in turn, may positively impact petrol prices for consumers.
In a statement issued on Sunday, Anthony Chiejina, the company’s Chief Branding and Communications Officer, shared that this price reduction is a gesture of appreciation to Nigerians, who have shown unwavering support for the refinery’s vision and mission. Chiejina highlighted the role of the public’s backing in helping the refinery achieve its goals, emphasizing that the support from Nigerian citizens has been crucial in realizing the ambitions of Africa’s largest oil refinery.
This new price marks a ₦20 decrease from the refinery’s prior ex-depot price of ₦990 per litre, which was initially set earlier in the month. By lowering prices, the Dangote Petroleum Refinery aims to make petrol more affordable for oil marketers, hoping this reduction will contribute to stabilizing fuel prices in the Nigerian market. The change in price, while small, signals a commitment by the refinery to adapt to market demands and support domestic economic stability.
According to Chiejina’s statement, “The adjustment is also our way of expressing gratitude to the government for their support, as it aligns with efforts to encourage domestic enterprise for the collective good of the nation.” The statement underscores that the refinery’s pricing decisions are not solely driven by profit but are aligned with the broader goal of national economic growth and self-sufficiency in fuel production. The collaboration between Dangote Petroleum Refinery and government entities is portrayed as a significant factor in the facility’s success, and this price reduction serves as a way of giving back to both the government and the people of Nigeria.
In addition to reducing prices, the refinery emphasized its commitment to producing petroleum products that adhere to high standards of quality and environmental sustainability. The refinery reassured stakeholders that all fuel products will meet rigorous environmental criteria, aiming to reduce emissions and support cleaner energy use within Nigeria. This pledge reflects Dangote Refinery’s dedication not only to fuel production but also to promoting environmentally friendly practices within the energy sector.
Furthermore, the refinery promised to ramp up its production capacity in response to the high demand for fuel across the nation. By scaling up production, the refinery seeks to address and even surpass the local fuel demand, thereby alleviating concerns about potential supply shortages. With this increase in output, the refinery hopes to enhance fuel accessibility across Nigeria, ensuring that more regions benefit from stable fuel supplies.
This price reduction offers oil marketers significant savings on each litre of petrol procured from the refinery’s Lekki facility, making it an attractive source for high-quality fuel. For Nigeria’s energy market, the refinery’s decision is expected to influence competitive pricing, with potential ripple effects on fuel costs across the country. As Dangote Petroleum Refinery continues to adjust its operations and prices to reflect the needs of the local market, it positions itself as a key player in Nigeria’s journey toward energy independence and economic resilience.
