By Ogungbayi Beedee Adeyemi
Send tips to: adeyemi@ddnewsonline.com
Aliko Dangote, Africa’s richest man, has delivered the biggest Christmas gift to Nigerians, announcing an immediate reduction in the ex-depot price of Premium Motor Spirit (petrol) from the Dangote Refinery to ₦699 per litre down from ₦890 last week and a staggering ₦300 drop from November’s ₦999.50.
The announcement, made Thursday evening by refinery spokesman Anthony Chiejina, takes effect immediately, with loading commencing at the new rate from Friday morning.
“This price adjustment reflects our commitment to easing the burden on Nigerians while sustaining the refinery’s operational efficiency,” Chiejina stated. “We are passing on savings from improved crude supply logistics and naira stability to the people.”
IMPACT ON PUMP PRICES
Major marketers and the Nigerian National Petroleum Company Limited (NNPC) have confirmed retail prices will drop nationwide:
Region Old Price (₦) New Price (₦) Savings
Lagos 965–990 765–799 ₦200+
Abuja/Kano 1,050–1,100 825–870 ₦230+
South-East/South-South 1,100–1,200 850–920 ₦280+
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Independent marketers under IPMAN promised prices as low as ₦750 in Lagos by weekend as old stock clears.
The cut comes despite global crude prices hovering at $78 per barrel and follows President Tinubu’s December 1 directive to oil producers to prioritize local refineries.
Lagos driver Musa Ali: “From ₦1,200 to possibly ₦750? Baba God bless Dangote!”
Abuja trader Chioma Eze: “Tinubu promised, Dangote delivered. This is the real subsidy removal benefit!”
X trends: #ThankYouDangote and #DangoteSavesNigeria topped trends with over 890,000 posts in 3 hours.
NNPC Retail promised to crash prices further by weekend, while black market dealers in Kano were already selling at ₦800 down from ₦1,400 yesterday.
This is the third price slash in two months: October: ₦1,050 → ₦999.50, November: ₦999.50 → ₦890 and December 12: ₦890 → ₦699
At ₦699 ex-depot, analysts predict pump prices could hit ₦700 in Lagos by Christmas the lowest since subsidy removal in May 2023.
DDNewsOnline
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