Dangote Lists Economic Benefits of Refinery, Reduces Petrol Price
- The Dangote Group has provided insight into the benefits of petroleum refining for Nigeria's economic growth
- The refinery, which is the largest single-train facility in Africa, can produce 650,000 barrels of petrol daily
- The Dangote Refinery has also announced a reduction in the ex-depot price of petrol for marketers
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Dangote group has outlined the economic benefits of Dangote Petroluem Refinery since it began operation.
In a message shared on Friday, March 14 the conglomerate said that the refinery has played an important role in the economic development of Nigeria.
Source: Getty Images
Some of the benefits highlighted include energy security, local job creation, and reduced dependence on imported fuel, while also lowering petrol prices in Nigeria.
The message reads:
"The Dangote Refinery delivers high-grade, locally refined fuels that are setting a new standard for economic transformation. By producing premium gasoline, diesel, and aviation fuel right here in Nigeria, we're ensuring energy security and affordability.
"This crucial infrastructure empowers industries, ignites new manufacturing capabilities, and supercharges our economic growth.
"Reducing our dependence on imported fuels, we are strengthening local production, creating skilled jobs, and providing businesses with world-class energy solutions made right here in Nigeria.
"This is a game-changer, poised to redefine Nigeria's economic landscape with sustainable and secure energy."
Source: UGC
Dangote economic benefits
Dangote Group also provided a sectoral breakdown of the refinery's impact in Nigeria.
The company explained that the refinery will transform Nigeria's petroleum sector by reducing dependence on imported petroleum products and saving foreign exchange.
In the agricultural sector, the Dangote Fertilizer plant will boost agricultural production and productivity in Nigeria.
Similarly, in the manufacturing sector, the refinery's production of petrochemicals will support the growth of Nigeria's manufacturing industry.
Additionally, the company stated that the refinery will generate significant revenue for the government through taxes and royalties.
Dangote reduces petrol price
On Thursday, March 13, 2025, the Dangote Refinery quietly lowered the PMS price at its loading gantry.
The giant refinery crashed petrol prices from N825 per litre to N815.
The development came as the plant introduced a new pricing structure on Thursday, March 13, 2025.
According to reports, marketers expressed optimism at the new price as they have begun to boycott private depots and start sourcing products directly from the Dangote Refinery.
The N10 reduction is also expected to cause private depot owners to adjust their prices to maintain market balance.
How Nigerians will benefit from Dangote, NNPC fuel price war
Earlier, Legit.ng reported that Bismarck Rewane, managing director of Financial Derivatives Company, says Nigerians will gain from the ongoing petrol price competition between Dangote Petroluem Refinery and the Nigeria National Petroleum Corporation Limited (NNPC).
Rewane said he is expecting a further decline in fuel prices until June 2025.
He noted that the downward trend in petrol prices will provide a boost to economic stability.
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Source: Legit.ng
