In a significant move aimed at alleviating fuel costs for Nigerians, the Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 to ₦890 per liter. This adjustment takes effect today, February 1, 2025.
Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Group, emphasized that this price revision reflects the refinery’s dedication to transparency and fairness. He noted that the adjustment aligns with recent fluctuations in global crude oil markets. Chiejina stated, “Dangote Petroleum Refinery firmly believes that this reduction from ₦950 to ₦890 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.”
The refinery has called upon fuel marketers to collaborate in ensuring that the benefits of this price reduction are passed on to consumers. This collective initiative aims to contribute to the broader economic recovery plan led by 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.
This latest price cut follows a previous reduction in December 2024, when the refinery lowered the price of petrol to ₦899.50 per liter. At that time, the refinery also introduced a special purchase offer to provide financial flexibility for consumers during the holiday season.
The reduction in ex-depot prices by Dangote Refinery is expected to influence market dynamics, potentially prompting other players in the downstream sector to adjust their pricing strategies. This move underscores the competitive landscape of Nigeria’s oil and gas industry and highlights the refinery’s role in stabilizing fuel prices.
As the Dangote Refinery continues to adjust its pricing in response to global market trends, consumers and industry stakeholders alike will be monitoring the impact of these changes on the broader economy. The refinery’s proactive approach reflects its commitment to supporting Nigeria’s economic growth and ensuring the availability of affordable fuel for its citizens.
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