Fuel Relief for Nigerians as Dangote Slashes Petrol, Diesel Prices Again

Nigerians may soon enjoy some relief at the pumps following a fresh reduction in fuel prices by the Dangote Petroleum Refinery, which on Wednesday announced lower ex-depot rates for both petrol and diesel.

The refinery cut the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by N50 per litre, bringing the price down from N1,215 to N1,165. Automotive Gas Oil (AGO), popularly called diesel, also witnessed a significant drop of N80 per litre, with the new price set at N1,570 from the previous N1,650.

The latest adjustment is expected to ease pressure on consumers and businesses grappling with high transportation and operational costs, while reinforcing the refinery’s growing influence in Nigeria’s downstream petroleum market.

In a statement issued by the Dangote Group, the company said the price reduction aligns with its broader goal of making energy more affordable, improving access to refined petroleum products and stimulating economic activities across the country.

According to the company, the move reflects its determination to provide Nigerians with high-quality petroleum products at competitive prices while maintaining a reliable supply chain.

“The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria,” the statement noted.

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The refinery further assured customers that it would continue to transfer the gains from operational efficiencies to consumers whenever market conditions allow.

Dangote Refinery stated that its operations remain central to efforts aimed at strengthening Nigeria’s energy security, reducing dependence on imported fuel and increasing the availability of locally refined petroleum products.

The latest price cut comes as the 650,000-barrels-per-day facility intensifies efforts to deepen its presence in the domestic market and position itself as a major driver of affordable fuel supply.

Industry observers believe the development could influence pump prices across the country if marketers pass on the reductions to end users.

Meanwhile, developments in the global crude oil market continue to shape fuel pricing trends. Oil prices had initially declined following a ceasefire agreement that brought a temporary halt to tensions between Iran and the United States. However, renewed hostilities between both sides later triggered fresh uncertainty, although diplomatic efforts have continued to prevent further escalation and stabilise the market.