Victor EzejaDangote Petroleum Refinery has announced reduction of ex-depot price of its Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890.
The 6 per cent wholesale price reduction takes effect from Saturday, 1st February 2025, according to a statement signed by Anthony Chiejina, Chief Branding and Communication Officer, Dangote Group.
Join our WhatsApp ChannelThe statement released Saturday, said the petrol price reduction was in response to the recent reduction in international crude oil prices and positive outlook within the global energy market.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.”
The petrol price reduction comes few weeks after the 650,000 barrels per day refinery raised it from N899.50 to N955 following the increase in price of crude oil in the international market.
The company said it believes that this reduction from N950 to N890 will lead to a significant drop in the prices of petrol nationwide, consequently bringing down the costs of goods and services, as generally the cost of living, “with a positive ripple effect on various sectors of the economy.”
READ ALSO: Dangote Refinery Increases Petrol Price To N955/Litre
As a result of the petrol cost reduction, Dangote Refinery called on marketers to cooperate and adjust their prices accordingly to ensure that Nigerian populace benefits from it.
“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,” the company added.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
