The ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, has been slashed by the Dangote Petroleum Refinery by N60 per litre to from N950 to N890.
The private oil facility located in Lagos confirmed this development in the statement issued on Saturday night, noting that this crash in price is effective February 1, 2025.
It disclosed that the ex-depot price was crashed in a bold move to drive economic relief for Nigerians, adding that it is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.
Dangote Refinery said the price adjustment, which is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices, reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices, which currently is below $80 per barrel.
In the statement signed by the Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was explained that this latest move follows a similar decision made on January 19, when a modest price increase was implemented due to rising crude oil costs.
However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 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 statement said.
The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by President Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.