Barely three weeks after raising the cost of loading Premium Motor Spirit (PMS), popularly known as petrol, Dangote Petroleum Refinery has taken an unexpected step by reducing its ex-depot price from N950 to N890 per litre.
The refinery announced the price adjustment in a statement issued on Saturday, February 1, 2025, by its Group Chief Branding and Communications Officer, Anthony Chiejina.
According to the statement, the decision was influenced by a positive shift in global energy and gas markets, coupled with a recent decline in international crude oil prices, pointing out that the new pricing takes effect immediately from Saturday, February 1, 2025.
The refinery highlighted that the price reduction aligns with ongoing fluctuations in the global crude oil market explaining that on Friday, Brent crude, the international benchmark, traded at $77.48 per barrel—a $4 drop from the $81 per barrel recorded in early January.
The statement emphasaised, Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit from N950 to N890 per litre, effective from Saturday, 1st February 2025. This strategic adjustment reflects the positive developments in the global energy market and the recent decline in crude oil prices.”
Reaffirming its commitment to transparency and fairness, the refinery noted that the price revision aligns with its earlier announcement on January 19, when an increase was implemented due to a surge in crude oil prices at the time.
The company expressed confidence that the price cut would lead to a reduction in petrol costs nationwide, ultimately easing the prices of goods and services while lowering the overall cost of living, urging petroleum marketers to collaborate in ensuring that the price reduction benefits consumers across Nigeria.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will significantly lower petrol costs nationwide, thereby reducing the prices of goods and services and improving overall living conditions,” the statement continued.
It stated, “We call on marketers to work together to pass these benefits on to Nigerians. This initiative will support the broader economic recovery plan championed by His Excellency, President Bola Ahmed Tinubu, aimed at making Nigeria self-sufficient in refined petroleum products and positioning the country as a key oil export hub.”
With this move, Dangote Refinery reaffirms its role in shaping Nigeria’s energy landscape while aligning with global market trends.
