The Dangote Petroleum Refinery and Petrochemicals has announced a fresh reduction in the ex-depot prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly called diesel.
In a statement shared with PREMIUM TIMES on Saturday by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the refinery said it reduced the ex-gantry price of petrol to N1,250 per litre from N1,275 per litre.
|
|
In contrast, diesel prices were reduced to N1,700 per litre from N1,800 per litre.
“Under the latest price adjustment, the refinery reduced the ex-depot price of PMS, commonly known as petrol, to N1,250 per litre from N1,275 per litre, while the price of AGO (diesel) was cut to N1,700 per litre from N1,800 per litre,” the statement said.
|
|
|
|---|
The company said the move underscores its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.
The latest reduction comes amid volatility in global oil markets, driven partly by geopolitical tensions in the Middle East and concerns over disruptions to crude oil supply routes, including the Strait of Hormuz.
Global crude prices have experienced sharp fluctuations in recent months, pushing up fuel costs in several countries, including Nigeria.
As global crude prices continue to fluctuate, Dangote Refinery has adjusted its product prices multiple times in recent months in response to market conditions.
Petrol, which sold for about N870 per litre before the recent escalation in global oil market tensions, now sells for around N1,370 and above in major Nigerian cities.
READ ALSO: Dangote delivered Nigeria from ‘Economic Slavery’ — Otedola
Industry observers expect filling stations across the country to adjust pump prices downward following the latest reduction, given Dangote Refinery’s growing role as a major supplier to the domestic market.
On Saturday, the refinery said the price review aligns with its broader efforts to improve supply efficiency, deepen domestic refining capacity and provide cost relief to consumers and businesses that rely heavily on petroleum products for transportation, power generation and industrial activities.
Since commencing operations, the 650,000 barrels-per-day refinery has increasingly expanded supplies to the domestic market as part of efforts to reduce Nigeria’s dependence on imported petroleum products.
The reduction in the fuel price comes as global prices ease as the US and Iran intensify negotiation efforts to stop the war.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
![Governor Hope Uzodimma [PHOTO CREDIT: Hope Uzodimma]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2024/08/454285716_18037047623021211_7123298632879541231_n.jpg?fit=1440%2C971&ssl=1)
