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, effective Saturday, February 1, 2025. This adjustment comes in response to favorable shifts in the global energy market and a recent decline in international crude oil prices. The refinery reaffirmed its commitment to fair pricing and transparency, noting that the revision reflects ongoing fluctuations in crude oil costs. Previously, on January 19, a slight price increase was implemented due to rising crude prices, but with the recent downturn, the refinery is now passing the benefits to consumers.
This reduction is expected to bring down transportation costs, lower the prices of goods and services, and ultimately ease the cost of living for Nigerians. The move is anticipated to have a positive economic impact, benefiting multiple sectors. Dangote Refinery has urged fuel marketers to ensure that the benefits of this price cut are effectively transferred to the public. This initiative aligns with President Bola Ahmed Tinubu’s broader economic strategy to achieve self-sufficiency in refined petroleum products and strengthen Nigeria’s position as a leading oil and gas export hub.
