Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol. Effective from Saturday, February 1, 2025, the price has been slashed from ₦950 to ₦890 per liter, a decision poised to influence transportation costs, commodity prices, and overall inflation.
This price cut comes as a strategic response to the recent decline in international crude oil prices and an improving global energy outlook. Dangote Refinery, a major player in Nigeria’s oil industry, reaffirmed its commitment to transparency and fairness in pricing. The refinery had previously implemented a slight price hike in January due to rising global crude prices. However, with recent downward trends in crude oil costs, this latest adjustment reflects the refinery’s effort to stabilize fuel prices for Nigerians.
The refinery expressed confidence that the price reduction will lead to a meaningful decrease in petrol costs nationwide, potentially lowering transportation expenses, goods and services prices, and the overall cost of living. With fuel costs being a major driver of inflation in Nigeria, this decision could provide much-needed relief to households and businesses struggling with economic pressures.
Dangote Petroleum Refinery has also called on marketers to ensure that these benefits reach the final consumers, emphasizing that this move aligns with President Bola Ahmed Tinubu’s economic recovery plan. The administration has prioritized making Nigeria self-sufficient in refined petroleum products, positioning the country as a leading oil export hub in Africa.
