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NIGERIA- In a significant initiative aimed at providing economic relief for Nigerians, Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, from N950 to N890 per litre, effective from Saturday, February 1, 2025. This price adjustment comes as a result of positive developments in the global energy market and a notable drop in international crude oil prices.
The decision made by Dangote Refinery underscores its dedication to adapting to market conditions and ensuring consumers benefit from fluctuations in international crude oil prices.
A statement from the refinery, issued by the group’s Chief Branding and Communications Officer, Anthony Chiejina, clarified that this latest change follows an earlier decision on January 19, where a small price increase was enacted due to rising crude oil prices.
Nonetheless, recent trends in the global market have prompted Dangote Refinery to once again revise its pricing, providing much-needed relief to Nigerians.
The statement highlighted that this reduction will significantly decrease petrol costs nationwide, creating a positive ripple effect across the broader economy.
“Dangote Petroleum Refinery strongly believes that this reduction from N950 to N890 per litre will lead to a meaningful decrease in petrol prices across the country, subsequently lowering the cost of goods and services, as well as the overall cost of living, positively impacting various economic sectors,” the statement declared.
The refinery has urged marketers nationwide to ensure that the advantages from the price cut are passed down to the public and reaffirmed its backing for the economic revival led by President Bola Tinubu, whose administration aims to make Nigeria self-sufficient in refined petroleum products and establish the country as a prominent oil export center.
“This collective effort will aid the broader economic recovery plan championed by His Excellency, President Bola Ahmed Tinubu, who is committed to ensuring Nigeria's self-sufficiency in refined petroleum products and positioning the country as a leading oil exporting nation,” it added.
Dangote Petroleum Refinery’s move is anticipated to play a crucial role in stabilizing the nation’s economy, ensuring that the advantages of lower fuel prices are experienced across all sectors.
