Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre. The new pricing takes effect from Sunday, February 2nd, 2025.
This decision was disclosed in a statement by the company’s Chief Branding and Communications Officer, Anthony Chiejina. The price adjustment comes in response to favorable trends in the global energy sector, particularly a significant drop in international crude oil prices.
According to the statement, the refinery’s pricing strategy aligns with developments in the global oil market.
“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,” the statement read.
Dangote Refinery emphasized its commitment to transparency and fairness, stating that the price revision reflects ongoing fluctuations in global crude oil prices. The company previously adjusted petrol prices on January 19, 2025, due to rising crude oil costs at that time. Now, with prices declining internationally, the refinery has taken steps to ensure Nigerians benefit from these changes.
The statement further explained that the reduction from N950 to N890 per litre is expected to ease financial burdens on consumers.
“Dangote Petroleum Refinery firmly believes that this reduction will lead to a meaningful decrease in the cost of petrol nationwide. This, in turn, will help lower the prices of goods and services, ultimately reducing the overall cost of living,” the company stated. The refinery expects a ripple effect that will positively impact various sectors of the economy.
Dangote Petroleum Refinery urged oil marketers to work together to ensure that the price reduction directly benefits Nigerian consumers. The company stressed the importance of collaboration in passing on the cost savings to the public.
Additionally, the statement highlighted that this initiative aligns with the broader economic recovery strategy of President Bola Ahmed Tinubu’s administration. The refinery reaffirmed its dedication to supporting economic stability and ensuring that Nigerians have access to affordable energy.
The price reduction comes amid growing concerns over the high cost of fuel in Nigeria. In recent months, fuel prices have been a major issue affecting transportation, production costs, and inflation. The decrease in petrol prices is expected to provide relief to businesses and households struggling with rising living expenses.
Since its commissioning, Dangote Refinery has played a crucial role in Nigeria’s energy sector. As Africa’s largest refinery, it aims to reduce the country’s dependence on imported refined petroleum products and stabilize local fuel prices. The refinery’s ability to adjust prices in response to global market trends is seen as a step toward ensuring a more efficient and competitive petroleum sector in Nigeria.
