Dangote Refinery Cuts Petrol Price Amid Crude Oil Decline

Dangote Refinery has announced a reduction in the ex-depot price of premium motor spirit (petrol) from N1,275 to N1,250 per liter, marking a N25 decrease. This adjustment comes in response to a sustained decline in crude oil prices in the international market, which is expected to influence pump prices across Nigeria.

The refinery's officials stated that the price adjustment reflects the lower cost of crude oil, which remains the primary raw material for refining petrol. Despite this reduction, retail prices at various filling stations in Nigeria remain largely unchanged, with prices exceeding N1,350 per liter due to factors such as location and transportation costs.

The refinery continues to position itself as a major contributor to Nigeria's economic recovery and energy security, with plans to ramp up operations to 650,000 barrels per day. This move is part of a broader effort to reduce Nigeria's dependence on imported petroleum products and improve the country's balance of payments.