The Dangote Refinery’s petrol ex-depot price has dropped to N890 per lire from N950, effective Saturday, February 1, 2025.
The development came following the crash of crude oil prices globally, including Bonny Light.
Dangote gives reasons for crashing petrol prices
Crude prices dropped to N$75.67 per barrel, from over $80 in the international market.
However, the Lekki-based refinery said the price crash was due to developments in the global oil market. It is committed to transparency and fairness to all stakeholders.
The refinery’s management disclosed that the move was a strategic adjustment and a direct response to the positive outlook within the global energy and gas markets.
The refinery said:
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.
The mega refinery stated that it believes that the reduction will lead to a meaningful decrease in petrol costs nationwide, driving down the cost of goods and services and the overall cost of living.
Crude oil prices crash
A previous report by Legit.ng said that the cost of petrol could crash again following the fall of global crude oil prices.
Oil prices dipped on Monday, January 27, 2025, after US President, Donald Trump, asked the global oil cartel, the Organisation of Petroleum Exporting Countries (OPEC), to scale down prices amid wide-ranging measures to boost US oil and gas production.
Brent Crude fell by 53 cents, or 0.68% to $77.97 per barrel after rising 21 cents on Friday, January 24, 2025.
Trump moves to hurt Russia with sanctions
West Texas Intermediate (WTI) crude oil sold for $74.16 per barrel, down 50 cents or 0.67 per cent.
According to reports, Trump repeated his call for OPEC to scale down oil prices to hurt Russia’s economy and end the war in Ukraine.