Dangote Petroleum Refinery & Petrochemicals has announced another reduction in the ex-depot prices of petrol and diesel, in a move expected to ease fuel costs for consumers and businesses across Nigeria.
Under the revised pricing structure, the refinery reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,250 per litre from N1,275 per litre, while the price of Automotive Gas Oil (AGO), also known as diesel, was cut to N1,700 per litre from N1,800 per litre.
The company said the latest adjustment reflects its commitment to making petroleum products more affordable, improving supply efficiency and supporting economic activities nationwide.
In a statement, Dangote Refinery noted that the price review forms part of its broader strategy to strengthen domestic refining capacity and provide cost relief to sectors heavily dependent on fuel.
“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 refinery added that since commencing operations, it has steadily increased the supply of refined products to the local market, helping to reduce Nigeria’s reliance on imported petroleum products.
Despite the reduction at the depot level, many retail outlets across the country are yet to reflect the new pricing, with petrol still selling above N1,350 per litre in several locations due to distribution costs and marketers’ pricing decisions.
The development comes as Dangote Refinery highlighted its growing contribution to Nigeria’s economic recovery and improving investment outlook.
According to the company, the recent upgrade of Nigeria’s sovereign credit rating by S&P Global Ratings underscores the positive impact of increased domestic refining capacity on the economy.
S&P recently upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, higher crude oil production and expanding domestic refining operations.
Dangote Refinery said the ratings agency specifically referenced the operational growth of its 650,000-barrels-per-day facility as a key factor supporting Nigeria’s balance of payments 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 local refining capacity would continue to improve fuel supply stability, reduce pressure on foreign exchange demand and support the country’s broader economic recovery efforts.
