Dangote Petroleum Refinery has announced a fresh reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective Saturday, February 1, 2025.
In a statement signed by its Group Chief Branding and Communication Officer, Anthony Chiejina, the refinery attributed the price adjustment to declining international crude oil prices and a positive outlook in the global energy market.
The move comes weeks after the refinery had increased fuel prices in January 2025, following a prior reduction to N900 in December 2024. The latest reduction, according to the company, aligns with its commitment to transparency and fairness, ensuring that changes in crude oil prices are reflected in local fuel costs.
Dangote Refinery expressed confidence that the lower price will help reduce transportation costs, drive down the prices of goods and services, and ease the overall cost of living. The company also urged fuel marketers to pass on the benefits to consumers, emphasizing the role of private sector collaboration in Nigeria’s economic recovery.
The statement further highlighted the refinery’s support for President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and establishing the country as a major player in the global oil export market.
