JUST IN: Dangote reduces petrol price by 4.11%

JUST IN

 

 

OpenLife News reports that the Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit and Automotive Gas Oil, as part of efforts to make petroleum products more affordable for Nigerians.

In a statement signed by the Dangote Group on Wednesday, the refinery said under the new pricing structure, petrol was reduced from N1,215 per litre to N1,165 per litre, a N50 reduction. Diesel was also cut from N1,650 per litre to N1,570 per litre, representing an N80 reduction.

The refinery said the price review was aimed at enhancing energy affordability, improving access to refined petroleum products and supporting economic activities across Nigeria.

“Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market,” the statement read.

According to the company, the move reflects its commitment to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.

It added that it would continue to pass on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

The refinery noted that it continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.

Industry analysts say the price cut by the 650,000-barrels-per-day refinery could trigger a ripple effect across the downstream sector, as marketers adjust pump prices to reflect the new ex-depot rates.

The reduction comes amid calls for more affordable fuel prices to ease the cost of transportation, food and doing business nationwide.