Dangote Refinery cuts petrol, diesel prices again

By Udeme Akpan

Dangote Petroleum Refinery & Petrochemicals has announced a fresh reduction in the ex-depot prices of Premium Motor Spirit, PMS, popularly known as petrol, and Automotive Gas Oil, AGO, also known as diesel.

Under the new pricing regime, the refinery reduced the ex-depot price of petrol to N1,250 per litre from N1,275 per litre, while diesel was cut to N1,700 per litre from N1,800 per litre.

The company said the price adjustment was part of its efforts to make petroleum products more affordable, improve supply efficiency and support economic activities across the country.

In a statement, the refinery said the review reflects its commitment to deepening domestic refining and providing cost relief to consumers and businesses that rely heavily on petroleum products for transportation, power generation and industrial operations.

“The price review comes amid the refinery’s continued efforts to improve supply efficiency, deepen domestic refining and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations,” the statement said.

The company added that since commencing operations, the 650,000 barrels-per-day refinery has steadily increased supplies to the domestic market as part of efforts to reduce Nigeria’s dependence on imported refined petroleum products.

Despite the latest reduction, checks indicated that many filling stations across the country have yet to adjust pump prices, with petrol still selling above N1,350 per litre in several locations, depending on marketers and distribution costs.

Meanwhile, Dangote Refinery said its operations have continued to contribute significantly to Nigeria’s improving economic outlook following the recent sovereign credit rating upgrade by S&P Global Ratings.

According to the company, S&P upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising crude oil production and increased domestic refining capacity.

The refinery noted that the ratings agency identified the operational ramp-up of the 650,000 barrels-per-day Dangote Petroleum Refinery as a key factor supporting Nigeria’s balance of payments position and economic resilience.

Quoting S&P, the company stated: “Significant refining capacity is now also online; Dangote Industries Ltd.’s large-scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day.”

The refinery maintained that increased domestic refining capacity would continue to support fuel supply stability, reduce foreign exchange pressure and strengthen Nigeria’s economic recovery efforts.

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