In a significant move for Nigeria’s fuel market, Dangote Refinery has reduced the pump price of petrol from ₦950 to ₦890 per litre, with the new rate taking effect from Saturday, 1st February 2025.
In an official statement, the refinery attributed the price cut to the recent drop in global crude oil prices.
The company emphasised its commitment to fairness and transparency, stating that it would always reflect global market trends to ensure Nigerians benefit from price adjustments.
Dangote Refinery expressed confidence that the reduction would lead to a broader decrease in fuel prices across the country, ultimately easing transportation costs, the cost of goods and services, and the overall cost of living.
The refinery also called on petroleum marketers to cooperate in ensuring that the price adjustment reaches consumers, allowing Nigerians to fully benefit from the reduction.
Petrol Price Fluctuations in Nigeria
Nigeria has witnessed significant fuel price fluctuations over the years, often tied to global oil market trends and government policies.
In 2023, the removal of fuel subsidies saw petrol prices skyrocket, surpassing ₦600 per litre.
By mid-2024, prices hovered around ₦700-900 due to the naira’s depreciation and crude oil volatility.
This latest reduction by Dangote Refinery signals a potential relief for consumers, raising hopes for greater market stability in the coming months.
