Dangote Refinery slashes fuel cost to N1,250 per litre

The Dangote Petroleum Refinery has implemented a price reduction for Premium Motor Spirit, also known as petrol, lowering the gantry price from N1,275 per litre to N1,250 per litre, which translates to a two per cent decrease.

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This adjustment is reportedly a response to the ongoing decline in global crude oil prices, the refinery's primary feedstock, as confirmed by an official of the refinery.

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According to the official, the price adjustment is a natural consequence of operating in a deregulated market, where such changes are to be expected, and the refinery will continue to monitor developments and adjust prices accordingly.

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Despite the refinery's price reduction, many filling stations across the country have yet to reflect the new pricing, with petrol still being sold for over N1,350 per litre, depending on the location and marketer.

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The Dangote Petroleum Refinery has also been recognized as a major contributor to Nigeria's improving economic outlook, following the country's sovereign credit rating upgrade by S&P Global Ratings.

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S&P Global Ratings upgraded Nigeria's long-term foreign and local currency sovereign credit ratings from "B-" to "B", citing factors such as stronger economic growth, improved external balances, rising oil production, and increased domestic refining capacity as key supports for the nation's economic recovery.

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The global ratings agency specifically highlighted the operational ramp-up of the 650,000 barrels-per-day Dangote Petroleum Refinery & Petrochemicals as a significant factor in Nigeria's improving balance of payments position and broader economic resilience.

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The refinery noted that its large-scale refinery and petrochemical complex has reached near its maximum capacity of 650,000 barrels per day, as stated by Dangote Industries Ltd.