The Dangote Petroleum Refinery has reduced the ex-depot prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, a move the company said is aimed at making petroleum products more affordable for Nigerians.
Under the new pricing structure announced on Wednesday, the ex-depot price of petrol has been reduced by N50 per litre, from N1,215 to N1,165, while diesel now sells at N1,570 per litre, down from N1,650, representing a reduction of N80 per litre.
The refinery said the downward price review forms part of its commitment to improving energy affordability, expanding access to refined petroleum products and supporting economic activities across the country.
In a statement issued by the Dangote Group, the company said the latest adjustment underscores its resolve to provide affordable, high-quality petroleum products to the Nigerian market.
“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 said.
The company added that it remains committed to ensuring a stable supply of petroleum products while leveraging operational efficiencies to deliver greater value to consumers, businesses and other stakeholders.
According to the refinery, it will continue to pass on the benefits of improved operational efficiencies to customers whenever market conditions permit.
Dangote Refinery also reiterated its role in strengthening Nigeria’s energy security by reducing dependence on imported petroleum products and boosting the availability of locally refined fuels.
The latest reduction comes amid ongoing efforts by the 650,000 barrels-per-day refinery to expand its footprint in the domestic market and improve the affordability of fuel for consumers.
Crude oil prices which fell after the Iran-US war stabilised after both sides reached agreement for truce.
However, they later fell out and resumed hostilities, with efforts made by both sides to restore normalcy.
