The Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890.
The company announced in a statement on Saturday that the price reduction took effect on February 1, 2025.
According to the statement, “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.”
Positive Economic Impact
Anthony Chiejina, the refinery’s spokesperson, stated that the price revision reflects global crude oil market fluctuations. This follows a modest price increase on January 19 due to previous rises in international crude oil prices.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will lead to a significant drop in petrol costs nationwide, helping to lower prices of goods and services and reduce the overall cost of living. This will create positive effects across various sectors of the economy.
“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in ensuring that these benefits reach the Nigerian populace,” the statement added.
Chiejina emphasized that this collective effort aligns with President Bola Ahmed Tinubu’s broader economic recovery plan to make Nigeria self-sufficient in refined petroleum products and position the country as a leading oil export hub.
