In a move set to ease financial pressures on Nigerians, the Dangote Petroleum Refinery has announced a further reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol.
The new price, which takes effect from Thursday, February 27, 2025, will drop by N65 per litre, bringing the cost down from N890 to N825 per litre.
The latest price cut marks the second reduction in February alone, following an earlier N60 per litre decrease at the beginning of the month.
This move is part of Dangote Refinery’s efforts to provide economic relief, particularly as the country prepares for the Ramadan season.
In an official statement, the refinery highlighted its commitment to cushioning the impact of high fuel prices on Nigerians while also aligning with President Bola Ahmed Tinubu’s broader economic recovery policies.
“It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians,” the statement read.
With the latest adjustment, the pump price at MRS Holdings’ retail stations will reflect the following rates:
- Lagos: N860 per litre
- South-West: N870 per litre
- North: N880 per litre
- South-South & South-East: N890 per litre
This development continues a trend of price reductions from the refinery, which had previously slashed PMS prices by N70.50 in December 2024, bringing it down from N970 to N899.50 per litre.
The downward price adjustments come amid growing concerns over fuel affordability and economic hardships. By reducing costs, the refinery aims to provide some respite for households and businesses grappling with high living expenses.
As fuel prices remain a key determinant of economic activity in Nigeria, all eyes will be on how this latest reduction impacts the cost of transportation, goods, and services across the country.
