The Petroleum Products Retail Outlets Owners Association of Nigeria has called on marketers to lower the price of Premium Motor Spirit, also known as petrol, after the Dangote refinery lowered the product’s ex-depot price from N950 to N890 per litre.
On Saturday, the Dangote refinery released a statement announcing the ex-depot price cut.
According to the refinery, the recent drop in the price of crude oil globally and the optimistic prognosis for the global energy market had an impact on the price reduction.
Weeks after the refinery raised its pricing in response to earlier spikes in the price of crude oil globally, the cut was made.
The refinery declared on December 19, 2024, that the price of gasoline would drop by 7.5% to N899.50 per liter.
However, the refinery raised the price of fuel from N899.50 to N955 per litre on January 17, 2025, claiming the growing cost of brent crude oil as a primary reason.
Anthony Chiejina, the Group Chief Branding and Communications Officer, announced the new pricing adjustment in a statement on Saturday. The refinery said the change reflected changes in the global crude oil market and was in line with its commitment to openness and justice.
The refinery expressed confidence that the price reduction would contribute to lowering petrol costs nationwide and easing the prices of goods and services.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.
“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” the statement said.
Billy Gillis-Hary, the National President of PETROAN, stated that although the price reduction was a positive step, a seamless shift in retail pricing was still required.
In an appearance on Arise TV that our correspondent watched, Gillis-Harry clarified that it would be difficult to immediately lower pump prices because filling stations had already stocked up on goods bought at the previous price.
“However, we advocate that anyone purchasing at the new rate from Sunday (today) should ensure that the price change is reflected in their retail outlets,” he stated.
To guarantee fair pricing and sustainability in the downstream petroleum industry, PETROAN reaffirmed its commitment to collaborating with the Dangote refinery and other stakeholders.
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