By Joshua Tosin Ogunsakin 
Dangote Petroleum Refinery has once again reminded Nigerians that it has reduced the the ex-depot (gantry) price of diesel to N1,020 per litre.
The new price is a N55 reduction compared to the previous price of N1,070 per litre.
The refinery, Africa’s largest, also announced that its ex-depot price for Premium Motor Spirit (PMS), also known as petrol, remains at N890 per litre, down from N960.
The short message by Dangote reads:
“In case you miss it, petrol is diesel is N1,020 per litre, Petrol is N890”
The ex-depot price refers to the cost at which fuel is sold to marketers before it reaches filling stations.
Why the price reduction?
In an earlier statement posted on X, Dangote Group said that the price adjustment was 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.
Part of the statement said:
Dangote Refinery remains dedicated to transparency and equity.
This adjustment in pricing, announced following global crude oil market shifts and a prior modest increase on January 19th, reflects our commitment.
Reducing the price from N950 to N890 is expected to significantly reduce nationwide petrol costs, subsequently lowering prices across goods and services. This reduction is expected to positively impact the economy across multiple sectors.”
In addition, Dangote Petroleum Refinery called on marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
It added:
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.”