Dangote Refinery Reduces Petrol Price, Nigerians Urge Continued Cuts
Many Nigerians have applauded Dangote Refinery for reducing petrol prices, believing it will ease the burden on motorists and businesses nationwide. As the news spread, many took to social media to express their gratitude to the refinery’s management for acknowledging the economic hardships faced by citizens.
However, some emphasized the need for sustained low prices to ensure long-term economic benefits. Dangote Refinery announced that, effective February 1, 2025, the ex-depot price of petrol would decrease from N950 per litre to N890 per litre.
This reduction is expected to lower the retail price from approximately N1,000 per litre to around N950 per litre at fuel stations that purchase directly from the refinery. While the price cut has been widely welcomed, industry experts and stakeholders have highlighted challenges in immediately reflecting the change at fuel stations.
The president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, explained that many fuel stations still hold petrol bought at the previous, higher price, making it difficult to implement immediate reductions.
“Price changes don’t take effect instantly, but eventually, they will be reflected at fuel stations,” Gillis-Harry stated.
Economic consultant and CEO of CFC Advisory, Tilewa Adebajo, noted that Dangote Refinery’s pricing strategy could help curb inflation by ensuring a stable supply of refined fuel at more affordable rates.
“The country’s economic management is at a critical juncture. The success of Dangote’s refinery project could contribute to reducing inflation and stabilizing the energy sector,” Adebajo remarked.
Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprise (CPPE), highlighted the role of competition in driving down prices.
“What we’re witnessing is the positive impact of competition. The best way to protect consumers from price exploitation is through healthy market competition,” Yusuf said.
He further explained that while some stations may still sell fuel at higher prices due to existing stock, they will eventually adjust as consumers seek more affordable options.
Many Nigerians view Dangote Refinery’s price reduction as a welcome relief for motorists and businesses. However, concerns remain over the sustainability of the lower price and its long-term impact on transportation costs.
As the refinery and fuel marketers navigate industry challenges, Nigerians remain hopeful that competition and government regulations will foster a more stable and affordable fuel market.
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