In a move expected to ease financial burden on Nigerians, 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, effective Saturday, February 1, 2025.
The refinery made the announcement via its official X (formerly Twitter) handle on Saturday evening, attributing the price cut to a positive outlook in global energy markets and a recent decline in international crude oil prices.
“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,” Dangote Refinery stated in the statement signed by the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina.
With fuel prices directly impacting transportation, goods, and services, the reduction in price is expected to provide some relief for consumers battling high living costs.
“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,” the company added.
Beyond the price cut, Dangote Refinery called on fuel marketers to ensure that the benefits reach ordinary Nigerians, urging them to collaborate in passing down the savings.
The company also highlighted its commitment to supporting President Bola Tinubu’s economic recovery plan, aimed at making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
While consumers welcome the price drop, attention has shifted to whether petrol stations and transport operators will reflect the reduction in their pricing.
