Africa's Richest Man Aliko Dangote's Refinery Cuts Petrol Price By 6 Percent
- Dangote Refinery reduces petrol price by 6.3 percent from N950 to N890 0.64 to 0.60, following favorable shifts in global energy markets.
- The price cut aligns with Dangotes efforts to ease inflation and support Nigeria's goal of self-sufficiency in petroleum products and global market influence.
- The last price dip occurred in December 2024, sparking competition as NNPC matched Dangotes price before rising again to N950 0.64 in January.
The Dangote Petroleum Refinery, owned by Africa's richest man, Aliko Dangote, has reduced the ex-depot price of Premium Motor Spirit PMS, commonly known as petrol, by 6.3 percent, lowering it from N950 0.64 to N890 0.60. The decision follows favorable shifts in the global energy market and a notable drop in international crude oil prices.
The last time petrol prices were this low was in December 2024, when Dangote Refinery reduced its ex-depot price to N899 0.61, sparking intense competition in Nigerias downstream sector. At the time, the state-owned Nigerian National Petroleum Company NNPC Limited matched the refinerys pricing, cutting its own ex-depot rate to N899 0.61 per liter. Prices later climbed back to N950 0.64 in January 2025.
Announcing the latest price cut , which takes effect on Saturday, Feb. 1, the refinerys Group Chief Branding and Communications Officer, Anthony Chiejina, said in a statement: This adjustment is a direct response to the positive outlook in global energy and gas markets, as well as the recent drop in international crude oil prices. He added that the price revision aligns with Dangote Refinerys commitment to transparency and fairness. This follows the refinerys Jan. 19 update, when a modest increase was implemented due to rising crude oil prices at the time.
Dangote cuts petrol price to ease inflationDangote Refinery believes the price cutfrom N950 0.64 to N890 0.60will help lower petrol costs nationwide, ease inflationary pressures, and bring down the overall cost of living. The refinery also urged marketers to pass on the benefits to consumers, aligning with the economic recovery efforts led by President Bola Ahmed Tinubu, who aims to make Nigeria self-sufficient in refined petroleum products and a major player in the global oil market.
The price reduction comes as the 20 billion refinery, which has a capacity of 650,000 barrels per day, ramps up efforts to secure a steady crude supply. After facing shortages from NNPC, Dangote Refinery is constructing eight new crude storage tanks to accommodate imported oil . The additional tanks will hold 6.3 million barrelsequivalent to about 1 billion litersincreasing the refinerys total storage capacity by 41.67 percent to 3.4 billion liters. Four of the new tanks have already been completed, with the rest nearing finalization.