“Dangote Announces N60 Cut In Fuel Price” — Refinery Reduces Ex-depot Rate To N890 Per Litre

The new pricing took effect on Saturday, 1st February 2025.

Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Industries, disclosed the price adjustment in a statement released on Saturday. He attributed the reduction to the favorable trends in the global energy and gas markets, as well as the recent decline in international crude oil prices.

“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices,” the statement read.

The refinery emphasized its commitment to transparency and fairness, noting that the price revision reflects the ongoing fluctuations in global crude oil markets. This follows a modest increase implemented on 19th January, which was necessitated by rising international crude oil prices at the time.

Dangote Refinery expressed optimism that the price reduction would lead to a significant decrease in the cost of petrol nationwide. This, in turn, is expected to drive down the prices of goods and services, reduce the overall cost of living, and positively impact various sectors of the economy.

The refinery also called on oil marketers to collaborate in ensuring that the benefits of the price reduction are passed on to consumers. “Dangote Petroleum Refinery firmly believes that this reduction from ₦950 to ₦890 will result in a meaningful decrease in the cost of petrol nationwide,” the statement added.