What Dangote’s New Petrol Price of N955 per Litre Means for Consumers and Businesses
As of January 17, 2025, there is no information indicating that Dangote Refinery has increased the petrol price to N955 per litre. In fact, recent developments show a trend of price reductions:
- December 19, 2024: Dangote Refinery announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre, aiming to provide relief during the holiday season.
- November 24, 2024: The refinery had previously lowered the price to N970 per litre.
These reductions were part of efforts to ease transportation costs for Nigerians during the festive period. Additionally, the refinery introduced a special purchase offer, allowing consumers to buy an extra litre on credit for every litre purchased in cash, backed by guarantees from select banks.
It’s important to note that Nigeria’s state-owned oil company, NNPC Ltd, had increased petrol prices in October 2024, with prices in Lagos rising to N998 per litre and in Abuja to N1,030 per litre, following the removal of fuel subsidies.