The Dangote Petroleum Refinery, announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 to ₦890 per litre.
The price adjustment takes effect from Saturday, February 1, 2025.
In a statement issued on Saturday night, Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, attributed the price cut to evolving market conditions.
“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,” Chiejina stated.
Chiejina recalled that Dangote Refinery had recently implemented a modest price increase due to rising global crude oil prices.
However, he emphasized that the latest revision reflects fluctuations in the international market and the company’s commitment to transparency and fairness.
He further stated that the price reduction would have a positive impact on the economy, potentially lowering the cost of petrol nationwide.
“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,” he said.
The refinery urged marketers to work together to ensure that the price reduction benefits Nigerians.
“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,” Chiejina added.
The 650,000-barrel-per-day Dangote Refinery, built by billionaire Aliko Dangote, began producing diesel and aviation fuel in January 2024 after several delays.
Originally scheduled to open in 2021, it was officially inaugurated by former President Muhammadu Buhari in 2023.
Since assuming office in May 2023, President Bola Tinubu has introduced economic reforms, including the removal of long-standing fuel subsidies and the floating of the naira.
While these policies aim to attract foreign investment and stimulate long-term growth, they have also led to soaring fuel prices, record-high inflation of 34% as of June 2024, and a sharp depreciation of the naira against the dollar, increasing pressure on imported goods.
With the latest price reduction, the Dangote Refinery hopes to ease the economic burden on Nigerians while contributing to the nation’s goal of self-sufficiency in refined petroleum products.
