Business News
Dangote refinery cuts petrol price to N1,250 per litre
The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N1,275 to N1,250 per litre, marking a two per cent decrease.
Checks by Very Nigerian confirmed the price adjustment, which comes as competition grows in Nigeria’s deregulated downstream petroleum sector and global crude oil prices continue to decline.
A refinery official attributed the reduction to the sustained drop in international crude oil prices, which serve as the refinery’s primary feedstock.
“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said.
He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”
However, findings showed that many filling stations across the country are yet to reflect the new pricing, with petrol still selling above N1,350 per litre depending on location and marketer.
Meanwhile, the refinery recently stated that it has become a major driver of Nigeria’s improving economic outlook following the country’s sovereign credit rating upgrade by S&P Global Ratings.
According to the company, S&P upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising oil production and increased domestic refining capacity as key factors supporting the nation’s economic recovery.
The refinery noted that the global ratings agency specifically identified the operational ramp-up of the 650,000 barrels-per-day Dangote Petroleum Refinery & Petrochemicals as a significant contributor to Nigeria’s improving balance of payments position and broader economic resilience.
“Significant refining capacity is now also online; Dangote Industries Ltd.’s large-scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the company stated.
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