Following what it described as favourable development in the global energy sector, Dangote Petroleum Refinery says its ex-depot price of Premium Motor Spirit (PMS), commonly called petrol, has been reduced from N950 to N890.
According to a statement from the company, the price adjustment takes effect from Saturday, 1st February 2025, further explaining that the decision is also occasioned by a significant drop in crude oil prices globally.
The statement stated thus; “Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.”
Signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, the statement said this latest move follows a similar decision made on 19th January, when a price increase was implemented due to rising crude oil costs.
Chiejina also said; “However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.”
Noting that the price reduction would significantly lower the cost of petrol across the country, the company said the development is expected to generate positive ripple effects across the broader spectrum of the nation’s economy.
Additionally, the statement said; “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”.
While urging marketers nationwide to ensure the Nigerian public enjoy the reduced price benefits, the Company reiterated its support for the economic revival being stimulated by President Bola Tinubu-led administration as it focuses on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
It stated that importantly; “This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub”.
