Dangote Petroleum Refinery has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), cutting it from N950 to N890 per litre effective Saturday, 1st February 2025.
The Dangote Refinery attributed the price adjustment to declining international crude oil prices and a positive shift in global energy markets.
This decision comes just weeks after the refinery raised prices in response to rising crude costs.
A statement issued by Anthony Chiejina, Group Chief Branding and Communications Officer on Saturday said with this reduction, Dangote Refinery anticipated a nationwide drop in petrol costs, which could lower transportation expenses, ease inflationary pressure, and reduce the overall cost of living.
The Dangote Refinery also urged petroleum marketers to reflect the new pricing at retail stations to ensure that Nigerians fully benefit from the move.
It said the development aligned with President Bola Ahmed Tinubu’s economic recovery plan, which aims to make Nigeria self-sufficient in petroleum refining and transform the country into a leading exporter of refined petroleum products.
This price cut signals a potential relief for consumers and businesses alike, as fuel costs play a critical role in shaping economic stability.
