THE Dangote Petroleum Refinery has reduced its ex-depot (gantry) price of petrol from N950 to N890, citing the decline in the price of crude oil at the international market.
It announced this in a statement issued by its chief branding and communications officer, Anthony Chiejina, on Saturday, February 1.
The price reduction takes effect immediately.
“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.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices,” Chiejina said.
The ICIR can report that crude oil prices have fallen for the second consecutive week.
On Friday, January 31, Brent crude oil price fell to $76.85, after peaking above $80 in previous weeks, following United States President Donald Trump’s recently announced reforms.
In the statement on Saturday, the Dangote Refinery said with its gantry price reduction from N950 to N890, it expected to see a meaningful decrease in the cost of petrol nationwide.
He said the price slash would drive 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,” Chiejina added.
In a related development, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) believes that the Port Harcourt and Warri refineries would lead to a crash in the pump price of petrol.
The group said the refineries were fully operational, with its members loading petroleum products, including DPK, AGO, and PMS.
The Nigerian National Petroleum Company Limited (NNPCL) had revived the Port Harcourt and Warri refineries after years of failed turnaround maintenance on the facilities.
In a statement on Saturday by its national public relations officer, Joseph Obele, PETROAN said contrary to doubts that had greeted the two refineries operations, they had been revamped and were fully operational with its members loading petroleum products, including DPK, AGO, and PMS at the facilities.
“The resurgence of these refineries has sparked intense competition, which is expected to drive down petroleum prices.
“As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions,” Obele stated.
He said the revitalisation of the facilities had numerous benefits, including the eradication of adulterated petrol, diesel and kerosene from the market.
The PETROAN regretted that for years, the absence of functional refineries led to a proliferation of fake petroleum products, posing significant risks to consumers.
“The refineries’ functionality has also contributed to a decrease in crude oil theft, which has hindered Nigeria’s ability to meet OPEC production targets. As crude oil production increases, Nigeria is expected to generate more revenue and stabilise the naira.
“The revitalised refineries have created job opportunities, with deserted depots now bustling with activity. The host communities are also benefiting from empowerment programmes, which are expected to positively impact insecurity and crime rates in the region,” Obele stated.