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. The price cut takes effect from Saturday, February 1, 2025.
In a statement, the refinery attributed the reduction to recent changes in the global oil market, emphasizing its commitment to fairness and transparency in pricing.
“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 statement read.
The company also noted that fluctuations in crude oil prices influence fuel costs, referencing a price increase on January 19, 2025, when global oil prices were on the rise. With the new reduction, Dangote Refinery expects the move to lower petrol costs across Nigeria, leading to a decrease in the prices of goods and services and an overall reduction in the cost of living.
The refinery urged petroleum marketers to cooperate in ensuring that the benefits of the price cut reach Nigerian consumers. It further highlighted the initiative as part of President Bola Ahmed Tinubu’s broader economic recovery plan, aimed at achieving self-sufficiency in refined petroleum products and positioning Nigeria as a key oil export hub.
Dangote Refinery also announced plans to introduce additional strategies in the coming weeks to provide further benefits to marketers, consumers, and the Nigerian economy at large.
Discover more from Ebira Online
Subscribe to get the latest posts sent to your email.
