The Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, lowering it from ₦950 to ₦890 per litre.
The price adjustment, which took effect on Saturday, February 1, 2025, was confirmed in a statement by the refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina.
According to the statement, the decision was influenced by the improving global energy outlook and a recent decline in international crude oil prices. Dangote Refinery emphasized that the price revision aligns with its commitment to transparency and fair pricing, ensuring that local fuel costs reflect global market trends.
This move follows the refinery’s previous price increase in January due to rising crude prices at the time. Industry analysts believe the latest adjustment could provide some relief to consumers amid ongoing economic challenges.
Quote
OFFICIAL STATEMENT ON THE REDUCTION IN EX-DEPOT PRICE OF PMS
Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices. As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.
In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace. This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices. As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.
In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace. This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
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