The Dangote Refinery has reduced petrol prices below the one sold by the Nigerian National Petroleum Company Limited (NNPC)The facility lowered the commodity’s price from N950 to N890 per litre as the global crude oil prices fellThe refinery said that it hopes the price will lead to a commensurate price reduction nationwide in petrol stations
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Dangote Refinery’s petrol ex-depot price has dropped to N890 per lire from N950, effective Saturday, February 1, 2025.
The development came following the crash of crude oil prices globally, including Bonny Light.
The Chairman of Dangote Refinery, Aliko Dangote, authorises a reduction in petrol prices.
Credit: Bloomberg/Contributor.
Source: UGC
Dangote gives reasons for crashing petrol prices
Crude prices dropped to N$75.67 per barrel, from over $80 in the international market.
However, the Lekki-based refinery said the price crash was due to developments in the global oil market. It is committed to transparency and fairness to all stakeholders.
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Dangote Refinery moves to import crude oil from US as NNPC denies plans to cut supply
The refinery’s management disclosed that the move was a strategic adjustment and a direct response to the positive outlook within the global energy and gas markets.
The refinery said:
“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.
The mega refinery stated that it believes that the reduction will lead to a meaningful decrease in petrol costs nationwide, driving down the cost of goods and services and the overall cost of living.
Crude oil prices crash
A previous report by Henzodaily.ng said that the cost of petrol could crash again following the fall of global crude oil prices.
Oil prices dipped on Monday, January 27, 2025, after US President, Donald Trump, asked the global oil cartel, the Organisation of Petroleum Exporting Countries (OPEC), to scale down prices amid wide-ranging measures to boost US oil and gas production.
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Marketers in panic mode as petrol prices change amid fall in crude oil cost
Brent Crude fell by 53 cents, or 0.68% to $77.97 per barrel after rising 21 cents on Friday, January 24, 2025.
Trump moves to hurt Russia with sanctions
West Texas Intermediate (WTI) crude oil sold for $74.16 per barrel, down 50 cents or 0.67 per cent.
According to reports, Trump repeated his call for OPEC to scale down oil prices to hurt Russia’s economy and end the war in Ukraine.
Dangote refinery moves to import crude oil from the US
Henzodaily.ng earlier reported that The Dangote Refinery is about to receive 12 million barrels of crude oil from the United States. t
A report said the mega refinery resorted to crude import as local supply hassles by the Nigerian National Petroleum Company Limited (NNP) halted plans by the facility to reach full refining potential.
The refinery plans to hit its 650,000 bpd capacity in June this year.
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Source: Henzodaily.ng