The Dangote Refinery has slashed its ex-depot price for premium motor spirit (PMS), better known as petrol, from ₦950 per litre to ₦890.
In a statement, the company said the move is “effective from Saturday, 1st February 2025”.
The Dangote Group Chief Branding and Communications Officer Anthony Chiejina said the reduction is based on market realities.
“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,” Chiejina said in the statement issued on Saturday night.
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.
He recalled that Dangote Refinery a few weeks back implemented “a modest increase” in the price of the essential commodity “due to the previously rising international crude oil prices.”
But the spokesman said the most recent “price revision reflects the ongoing fluctuations in global crude oil markets” and the plant’s “unwavering commitment to transparency and fairness”.
The refinery believes the reduction in the ex-depot price will impact the “overall cost of living” in the country.
“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,” Chiejina said.
The Dangote Petroleum Refinery called on 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,” he added.