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 was announced in a statement on Saturday by the company’s Group Chief Branding and Communications Officer, Mr. Anthony Chiejina.
He explained that the strategic adjustment was 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,” he said.
While calling on marketers to collaborate in ensuring that the benefits are passed on to the Nigerian populace, Dangote Petroleum Refinery noted that the collective initiative would 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.
About two weeks ago, the Dangote Refinery adjusted its ex-depot price of Premium Motor Spirit (Petrol) by 5%, from N899.50 to N950 per litre, attributing it to the significant increase in global crude oil prices.
It noted that it absorbed approximately 50% of the cost increases in the international oil market, due to its unwavering commitment to quality and affordability, as well as the ownership of the refinery by Nigerians, which remain central to its mission.
It explained that if it were to pass on the entire increase in the price of crude oil to the market, the retail price of PMS would be approximately N1,150 to N1,200 per litre in some locations.
