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Nigerian Petrol Marketers Urged to Reduce Prices as Dangote Refinery Cuts Costs

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Lagos, Nigeria – The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on fuel marketers to pass on the benefits of a recent petrol price reduction to consumers. This follows Dangote Refinery’s decision to lower its ex-depot price from N950 to N890 per litre, a move expected to ease economic pressures in the country.

The refinery attributed the price cut to declining global crude oil prices and a favorable international energy market outlook. PETROAN President Billy Gillis-Hary acknowledged the development as a positive step but noted that an immediate pump price reduction may be challenging due to existing fuel stock purchased at the previous rate.

However, he urged marketers to adjust prices accordingly for new purchases starting from Sunday, ensuring fair pricing and sustainability in the downstream sector.

This price reduction reverses an earlier hike by Dangote Refinery, which had increased the ex-depot price to N955 per litre on January 17, 2025, due to rising crude costs. Before that, the company had lowered petrol prices to N899.50 per litre on December 19, 2024

According to Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer, the price cut aligns with the company’s commitment to transparency and reflects fluctuations in global oil markets. He expressed optimism that the reduction would help lower fuel costs nationwide, positively impacting the cost of goods and services.

With Nigeria striving for self-sufficiency in petroleum refining, the Dangote Refinery’s price adjustment aligns with President Bola Ahmed Tinubu’s economic recovery plan. The government’s strategy aims to stabilize fuel prices, reduce import dependency, and strengthen the local economy.

PETROAN reaffirmed its commitment to collaborating with Dangote Refinery and industry stakeholders to ensure affordable and sustainable fuel pricing. If marketers comply, consumers could see lower transportation costs, reduced inflation, and broader economic relief.

As the situation unfolds, Nigerians are hopeful that marketers will swiftly implement the new pricing, ensuring fair benefits for consumers.

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