Dangote Refinery Slashes petrol Price to N890/Litre, Igniti

Dangote Petroleum Refinery has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025.

This strategic price cut is poised to send shockwaves through the nation’s economy, promising to alleviate transportation costs and reduce the prices of goods and services across various sectors.

Speaking at Lagos on Saturday, Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, emphasized the company’s commitment to providing relief to Nigerians.

“This adjustment comes amid ongoing competition in the Nigerian fuel market, particularly against imported petrol, which has seen fluctuating prices recently,” he stated.

The announcement has already sparked a frenzy among fuel marketers and consumers at large, with many anticipating a ripple effect that could lead to further reductions in pump prices nationwide. This bold move by Dangote Refinery may force competitors to re-evaluate their pricing strategies, potentially igniting a price war that could benefit consumers in the long run.

To ensure that the price reduction benefits end consumers, Dangote Refinery has partnered with MRS petrol station to sell petrol at N935 per litre across its retail outlets nationwide. This initiative has already commenced in Lagos and is expected to expand nationwide from Monday, February 3rd.

Aliko Dangote, President of Dangote Industries Limited, has also called on other oil marketers, including NNPC Retail and others, to collaborate in ensuring Nigerians access high-quality petrol at discounted prices.

As the news spreads, petrol stations are witnessing increased activity, with consumers eager to take advantage of the reduced prices. Social media platforms are abuzz with discussions, as Nigerians express optimism about the potential positive impact on their daily expenses.

This development marks a pivotal moment in Nigeria’s energy sector, highlighting the influence of domestic production capabilities on market dynamics. Recall that Dangote had launched it’s oil refinery in 2023 during the Buhair administration. With the Dangote Refinery leading the charge, the future of fuel pricing in Nigeria appears poised for a transformative shift.