- Safiu Kehinde
Dangote Refinery has announced significant drop in prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel).
As contained in a statement issued by the refinery’s management on Tuesday, the revised pricing structure saw gantry price of petrol reduced from N1,175 to N1,075 per litre while the coastal price drops from N1,150 to N1,028 per litre.
On the other hand, the price of diesel was reduced from N1,620 to N1,430 per litre.
Dangote explained that the reduction was made in line with the decline in global crude oil prices.
It assured Nigerians of maintaining fair pricing system.
“This decision is intended to assure Nigerians that the pricing mechanism remains responsive to global market dynamics and indicative of our fair pricing system.
“As responsible corporate citizens operating in a high-governance code and ethical environment, we believe it is imperative to reduce the price of our products as a reflection of the decline in global crude oil prices.” The statement partly read.
Dangote further explained its mode of transaction for crude oil ss well as its Naira-for-Crude agreement with the Federal Government.
“All our crudes are priced on global benchmark price plus $3 to $6 additional premium.
“Our forex is paid at prevailing market rate of the day with no subsidy in both crude and forex.
“For the avoidance of doubt, the crude supplied under the Naira-for-Crude arrangement is priced according to the global benchmark price plus a premium which is then converted to naira using the prevailing market exchange rate.” The statement read further.
The refinery reaffirmed its commitment to set prices of refined products by passing on the benefits to all Nigerians as it recalled its constant reduction in gantry price in 2025.
“In 2025, we reduced our gantry price not less than eight times, while increasing it only twice.
“This is borne out of a sense of economic patriotism and a duty to the people of Nigeria.
“We affirm our commitment to set prices of refined products by passing on the benefits to all Nigerians across the 36 states of the Federation and the Federal Capital Territory.
“Dangote refinery is fully committed to strengthening national energy security while remaining mindful of the economic realities faced by Nigerians.” It added.