Dangote Petroleum Refinery & Petrochemicals has reaffirmed its commitment to reducing the cost of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria—despite ongoing volatility in global crude oil markets over the past year.
In a statement signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, the company emphasized that its consistent price reductions are a deliberate move to support the Nigerian economy and provide relief to consumers amid rising fuel prices driven by global market dynamics.
Crude oil prices have experienced significant fluctuations over the last 12 months, with Brent crude ranging between $72 and over $90 per barrel due to a combination of geopolitical tensions, OPEC+ production cuts, and shifting global demand. Despite these pressures, Dangote Refinery has maintained a downward trajectory in the pricing of PMS, recently reducing its ex-depot price to as low as ₦835 per litre, ex-gantry, a move that triggered similar price cuts by independent marketers across the country.
The company explained that this pricing strategy underscores its commitment to delivering affordable, reliable, and high-quality petroleum products, while upholding efficiency and sustainability across its operations.
“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services,” the statement noted. “By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians.”
The company also acknowledged the Federal Government’s Naira-for-Crude Initiative, which has bolstered its ability to offer competitively priced fuel, further cushioning the impact of global price fluctuations on Nigerian consumers.
“We are immensely grateful to His Excellency, President Bola Tinubu for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” Chiejina added.
Dangote Petroleum Refinery assured all stakeholders—consumers, partners, and the government—of its ongoing commitment to operational excellence and national service.
“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work.”
