Sunday February 2, 2025 | TheNewsDESK
Barely three weeks after announcing an increase in the cost of loading Premium Motor Spirit (PMS), commonly known as petrol, the Dangote Petroleum Refinery has taken a surprising step by reducing its ex-depot (gantry) price.
The price has been lowered from N950 to N890 per litre, effective immediately from Saturday, February 1, 2025.
The announcement was made in a statement signed by Group Chief Branding and Communications Officer, Anthony Chiejina, on Saturday night.
According to the statement, the adjustment was influenced by the positive outlook in global energy and gas markets, as well as a decline in international crude oil prices.
The price reduction follows a drop in Brent crude, the international oil benchmark, which traded at $77.48 per barrel on Friday, a decrease from $81 per barrel recorded in early January.
Dangote Refinery noted that the fluctuations in crude oil prices directly impact fuel costs, and the new pricing reflects these changes.
The refinery emphasized that the reduction is part of its commitment to transparency and fairness in fuel pricing.
It assured that the adjustment would lead to lower petrol costs nationwide, ultimately reducing the prices of goods and services and easing the overall cost of living in Nigeria.
Dangote Refinery also urged fuel marketers to ensure that the price cut is passed down to consumers. The statement read in part:
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.”
The company further highlighted that this initiative aligns with the economic recovery plans of President Bola Ahmed Tinubu, who has pledged to make Nigeria self-sufficient in refined petroleum products and a major oil export hub.
The unexpected reduction in fuel price has sparked mixed reactions from Nigerians, with many hoping that fuel stations across the country will reflect the new ex-depot price and not maintain higher rates for profit margins.
The reduction also raises questions about whether transportation costs and inflation rates will see a corresponding decrease.
As Nigerians anticipate the full impact of this move, all eyes are on fuel marketers and transport operators to see if the benefits of the price cut will be fully realized in the economy.
|FirstNEWS|
