Many Nigerians have praised Dangote Refinery for lowering the price of petrol, saying it will help motorists and businesses across the country.
As the news spread, many people shared their appreciation on social media, thanking the refinery’s management for considering the economic challenges Nigerians are facing.
However, some also stressed the importance of keeping the price low in the long run to ensure lasting benefits for the economy.
Dangote Refinery announced that starting February 1, 2025, the ex-depot price of petrol will drop from N950 per litre to N890 per litre.
This change is expected to bring down the retail price from about N1,000 per litre to around N950 per litre at filling stations that buy from the refinery.
Many people have welcomed the price reduction, but industry experts and stakeholders have noted some challenges in quickly lowering prices at fuel stations.
The president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said many stations still have petrol bought at the old, higher price, which makes it hard for them to reduce their prices immediately.
Gillis-Harry stated:
“Price changes are not usually instantly applicable, but ultimately, they will be reflected at fuel stations.”
Economic consultant and CEO of CFC Advisory, Tilewa Adebajo, stated that Dangote Refinery’s pricing approach could help control inflation by providing a steady supply of refined fuel at affordable rates.
Adebajo stated:
“The economic management in this country is at a critical point. The success of Dangote’s refinery project can actually help reduce inflation and stabilize supply in the energy sector.”
Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprise (CPPE), told The Tribune that market forces will eventually push other fuel stations to reduce their prices.
Yusuf said:
“What you are seeing in the price ‘war’ is the beauty of competition. The best way to protect consumers from exploitation is through healthy competition.”
He explained that some stations may still be selling fuel bought at higher prices, but they will have to lower their prices as customers look for more affordable options.
Many people are hopeful about Dangote Refinery’s petrol price reduction, seeing it as a relief for motorists and businesses.
However, some worry about whether the lower price can be sustained and how it will affect transport costs in the long run.
As the refinery and fuel marketers handle industry challenges, Nigerians hope that competition and government regulations will help create a more stable and affordable fuel market.
Source: www.legit.ng
