Nigeria: Dangote lowers petrol prices

In an official press release dated 3 February 2025, the Dangote oil refinery announced a reduction in the ex-warehouse price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890. This decision, effective from Saturday 3 February, is in response to the significant fall in international crude oil prices, following the favourable trend in the global energy market.

This reduction comes after a slight increase in prices in January 2025, when crude oil costs rose. According to a Dangote Petroleum Refinery press release, the decision to adjust prices is a response to the recent fall in international crude oil prices. The refinery, which has always advocated a policy of transparency and adaptation to global fluctuations, is thus committed to offering Nigerian consumers a tangible reduction in the price of fuel.

The Group's Communications and Brand Director, Anthony Chiejina, explained that this price adjustment, far from being isolated, was part of a desire to support the Nigerian economy, particularly as part of the recovery efforts led by President Bola Tinubu. This initiative aims to ease the cost of living and stimulate economic growth by reducing production and transport costs throughout the country.

Lower petrol prices are expected to have a domino effect on the Nigerian economy as a whole, with positive consequences expected in a number of sectors. By lowering the price of fuel, the Dangote refinery expects to reduce the cost of goods and services, which could ultimately reduce the overall cost of living for Nigerian citizens. In addition, the decision is expected to have a direct impact on the agriculture, transport and manufacturing sectors, all of which are heavily influenced by fuel prices.

The refinery also expressed the hope that retailers across the country would ensure that this price cut was properly passed on to consumers. This will enable the Nigerian company to reap the full benefits of lower costs, thereby contributing to the country's economic recovery.

The Dangote refinery's commitment goes beyond simply reducing fuel prices. In its statement, the company reaffirmed its support for President Bola Tinubu's goal of making Nigeria self-sufficient in refined petroleum products. This is part of a wider national strategy to transform the country into a leading oil export hub.

By reducing internal production costs and increasing local refining capacity, Nigeria aims to reduce its dependence on imported petroleum products, thereby contributing to economic stability and job creation in the oil sector.

Dangote Refinery's adjustment of petrol prices is not only a response to global market developments, but also a step towards a more inclusive and sustainable model of economic growth for Nigeria. As the economic recovery initiative continues to take shape, the benefits of this reduction should be felt across all sectors of the economy, contributing to the country's prosperity.

This demonstrates the refinery's commitment to supporting national development goals while delivering tangible benefits to Nigerian consumers.