Dangote Refinery Slashes Ex-Depot Petrol Price to N890 Per Litre
In a bold move to drive economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of its petrol from N950 to N890, effective from yesterday.
This is just as the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has said petrol prices will crash following the revival of the Port Harcourt and Warri refineries by the federal government.
Dangote Group, in a statement issued yesterday by its Chief Branding and Communications Officer, Mr Anthony Chiejina, said the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
The decision, Dangote Refinery said, reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.
It explained that this latest move followed a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs.
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“However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians”, the company said.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“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 statement said.
The refinery has also called on marketers across the country to ensure that the benefits of the reduced price were passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.
Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors, the statement added.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has said petrol prices will crash following the revival of the Port Harcourt and Warri refineries by the federal government.
Port Harcourt, Warri Refineries Will Lead to Crash in Petrol Price, Says PETROAN
Meanwhile, PETROAN National Public Relations Officer, Dr. Joseph Obele, i a statement issued yesterday, said contrary to previous doubts, Port Harcourt and Warri Refineries are “now fully operational, with PETROAN members loading petroleum products, including DPK (kerosene), AGO (diesel), and PMS (petrol).”
“The resurgence of these refineries has sparked intense competition, which is expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions,” the statement read.
He noted that the revitalisation of the facilities has numerous benefits, including the eradication of adulterated diesel and kerosene from the market.
He regretted that for years, the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.
Obele stated that the demand for fake products has decreased with the availability of original diesel and kerosene, a situation that has also reduced the risk of explosions and equipment damage.
“The refineries’ functionality has also contributed to a decrease in crude oil theft, which has hindered Nigeria’s ability to meet OPEC production targets. As crude oil production increases, Nigeria is expected to generate more revenue and stabilise the naira.
“The revitalised refineries have created job opportunities, with deserted depots now bustling with activity. The host communities are also benefiting from empowerment programmes, which are expected to positively impact insecurity and crime rates in the region,” he said.
According to PETROAN, the Port Harcourt and Warri refineries are also expected to boost Nigeria’s economic growth by increasing the availability of petroleum products, reducing dependence on imports, and generating additional revenue for the government.
He stated that the situation would have a positive impact on the country’s Gross Domestic Product (GDP) and overall economic development.
“Additionally, the refineries’ functionality will also enhance Nigeria’s energy security, reduce the pressure on foreign exchange, and create a stable supply chain for petroleum products. This will have a ripple effect on various sectors of the economy, including transportation, manufacturing, and agriculture, ultimately leading to improved economic productivity and competitiveness.”
