Dangote Refinery reduces petrol price to N1,250/litre
Dangote Refinery Lowers Petrol Price to N1,250 per Litre
By Udeme Akpan
LAGOS—Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N1,275 per litre to N1,250 per litre. This adjustment reflects a decrease of two percent.
Market assessments conducted by Vanguard confirmed the price change as competition heats up in Nigeria’s deregulated downstream petroleum sector, coinciding with declining crude oil prices globally. An official from the refinery corroborated the price adjustment, linking it to the sustained drop in international crude oil prices, which serve as the refinery’s primary feedstock.
“It is accurate that we have modified the gantry price of petrol due to falling crude oil prices. Adjustments in a deregulated market are to be expected,” the official stated.
The official also emphasized the refinery’s commitment to ongoing monitoring of market conditions, stating, “We will continue to adjust prices in line with market realities.”
However, reports indicate that many filling stations across Nigeria have yet to implement the new price, with petrol still being sold for over N1,350 per litre, depending on location and retailer.
In related developments, the Dangote Refinery has positioned itself as a key factor in Nigeria’s improving economic outlook, particularly following a recent upgrade to the country’s sovereign credit rating by S&P Global Ratings.
The ratings agency raised Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-,” citing enhanced economic growth, improved external balances, rising oil production, and increased domestic refining capacity as crucial components of the nation’s economic recovery.
The refinery highlighted that S&P specifically noted the operational ramp-up of its 650,000 barrels-per-day facility as a significant contributor to Nigeria’s strengthened balance of payments and overall economic resilience.
“Significant refining capacity is now operational; Dangote Industries Ltd.’s large-scale refinery and petrochemical complex has approached its maximum capacity of 650,000 barrels per day,” the company reported.
The full article can be accessed on Vanguard News.
