Dangote Petroleum Refinery Ltd. has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in a move aimed at easing the cost of fuel and improving access to refined petroleum products across Nigeria.
The company said the price adjustment reflects its commitment to making energy more affordable for consumers and businesses while sustaining a reliable supply of petroleum products to the domestic market.
Dangote Refinery reduced the ex-depot price of petrol by N50 per litre, bringing it down from N1,215 to N1,165 per litre.
Diesel also recorded a significant reduction, with its ex-depot price dropping by N80 per litre, from N1,650 to N1,570 per litre.
The company disclosed that the latest review is part of its strategy to support economic activities by reducing the cost of energy for transport operators, manufacturers, businesses and other major consumers of petroleum products.
In a statement issued on Wednesday by the Dangote Group, it stated that the decision underscores its unwavering commitment to providing Nigerians with affordable, high-quality petroleum products while ensuring a stable and dependable supply across the country.
According to Dangote Group, the refinery remains focused on enhancing energy affordability and improving access to refined petroleum products through continuous operational improvements.
It added that lowering fuel costs would contribute to easing operational expenses for businesses and reduce the burden on consumers.
The company stressed that it would continue to prioritise efficiency in its operations to ensure that the benefits of cost savings are transferred to customers whenever market conditions make it possible.
Dangote Refinery explained that improvements in operational efficiency have enabled it to review its pricing in favour of consumers without compromising product quality or supply reliability.
It stated that the refinery would continue to leverage modern technology, large-scale production capacity and efficient logistics to deliver value to consumers, marketers and other stakeholders in the downstream petroleum sector.
The company added that its long-term objective remains the creation of a sustainable domestic refining industry capable of meeting Nigeria’s fuel demand while supporting industrial growth and economic development.
The refinery also reiterated its role in strengthening Nigeria’s energy security by reducing dependence on imported refined petroleum products.
According to the company, increased local refining capacity will not only guarantee a more stable supply of petroleum products but also conserve foreign exchange, create jobs and promote industrial development across the country.
Dangote Refinery maintained that its operations are designed to support Nigeria’s broader economic goals by ensuring the availability of world-class refined products that meet international quality standards.
