For the second time this month, Dangote Petroleum Refinery has again announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N890 to N825 per litre.
This follows a N60 reduction earlier on February 1, a move aimed to provide relief to Nigerians, particularly during the Ramadan season, and supports President Bola Tinubu’s economic recovery plan, the company said, on Wednesday.
This reduction is expected to lower pump prices in Lagos to between N860 and N865 per litre.
By the latest reduction, the ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.
This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.
The company said the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians.
“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
“It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month.
“Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season,” the statement read.
