PRESS STATEMENT
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per liter.
The new pricing takes effect from Saturday, February 1, 2025.
In a statement issued on Saturday by Anthony Chiejina, Group Chief Branding and Communications Officer, the refinery attributed the price adjustment to favorable trends in global energy and gas markets, as well as the recent decline in international crude oil prices.
The statement read:
“This strategic price adjustment reflects our commitment to transparency and fairness. It aligns with the evolving dynamics of the global crude oil market, as noted in our January 19 announcement when we implemented a modest increase due to rising international crude prices at the time.
“By reducing the price from N950 to N890, we anticipate a significant impact on the cost of petrol nationwide. This reduction is expected to lower transportation expenses, drive down the prices of goods and services, and ultimately ease the cost of living for Nigerians. The ripple effect will positively influence various sectors of the economy.”
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Dangote Petroleum Refinery also urged petroleum marketers to ensure that the benefits of this price cut reach consumers across the country.
“We call on marketers to collaborate in passing these cost reductions to the Nigerian populace. This collective effort will support the broader economic recovery plan championed by His Excellency, President Bola Ahmed Tinubu, whose administration is committed to achieving self-sufficiency in refined petroleum products and positioning Nigeria as a key player in the global oil export market.”
