Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N950 to N890 per litre, effective from Saturday, February 10, 2025.
In a statement signed by Anthony Chiejina, Group Chief Branding and Communications Officer, the company said the decision was influenced by favourable global energy market trends and a significant decline in international crude oil prices.
“Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.”
The announcement noted that the latest price adjustment follows an earlier price increase on January 19, which was necessitated by rising crude oil costs. However, with crude prices now declining, the refinery said it had decided to pass the benefits on to Nigerian consumers.
“However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.”
Economic Impact and Call for Compliance
The statement further emphasized that the reduction in petrol price would help lower the cost of goods and services, providing a positive ripple effect across the broader economy.
“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.”
The refinery also urged marketers across the country to reflect the new price in their sales to ensure that consumers benefit directly from the reduction.
Additionally, the statement reaffirmed Dangote Refinery’s support for President Bola Tinubu’s economic reforms, which are aimed at achieving self-sufficiency in refined petroleum products and positioning Nigeria as a leading oil export hub.
“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.”
