Dangote Petroleum Refinery has announced a slight reduction in its ex-depot price of Premium Motor Spirit (PMS), cutting it from N950 to N890 per litre.
This adjustment, which takes effect from Saturday, February 1, 2025, comes just weeks after the refinery had initially raised prices.
According to a statement by Group Chief Branding and Communications Officer, Anthony Chiejina, the price slash reflects favorable trends in the global energy and gas markets, alongside a recent dip in international crude oil prices.
The statement read in part: “Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit, commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
“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 refinery noted that the reduction aligns with global crude oil fluctuations, citing Brent crude’s drop from $81 per barrel in early January to $77.48 on Friday.
Dangote Refinery further expressed confidence that the price cut would lower fuel costs nationwide, ultimately reducing the prices of goods, services, and the general cost of living.
It also urged fuel marketers to ensure that the benefits reach consumers.
“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.”
