Commodities

Dangote Cuts Petrol Price for Nigerians in New Rates

This reduction, effective February 1, 2025 follows a similar price drop in December 2024 and is attributed to positive shifts in global energy markets and lower crude oil prices.

February 3, 2025
484 1 minute read
Dangote Cuts Petrol Price for Nigerians in New Rates

Dangote Refinery, owned by Aliko Dangote, has again lowered the ex-depot price of petrol in Nigeria, this time by 6.3% to $0.64 (N890) per liter.

This reduction, effective February 1, 2025 follows a similar price drop in December 2024 and is attributed to positive shifts in global energy markets and lower crude oil prices.

The refinery’s spokesperson, Anthony Chiejina, said the company is commitment to transparent pricing.

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

Also Read: Fitch Downgrades Dangote Credit Rating on Liquidity Concerns

Dangote Refinery anticipates this price cut will ease inflationary pressures and lower the cost of living, urging marketers to pass the savings on to consumers.

This move aligns with President Tinubu’s goal of making Nigeria self-sufficient in refined petroleum products.

The refinery, which has a 650,000 barrel-per-day capacity, is also expanding its crude oil storage capacity by 41.67% to 3.4 billion liters to ensure a stable supply, following previous shortages from NNPC.

February 3, 2025
484 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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