Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre.
The price slash takes effect from Saturday, February 1, 2025.
Dangote Refinery’s spokesperson, Anthony Chiejina, disclosed this in a statement on Saturday.
Chiejina said the ‘strategic adjustment’ was a direct response to the positive outlook within the global energy and gas markets and the recent reduction in international crude oil prices.
“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,” Chiejina said.
Dangote Refinery also noted that it “firmly believes” that this reduction from N950 to N890 will “result in a meaningful decrease in the cost of petrol nationwide.”
The company added that this move will drive down the prices of goods and services and the overall cost of living, with a positive ripple effect on various sectors of the economy.
The refinery urged marketers to collaborate in this effort to ensure that these benefits are passed on to the Nigerian populace.
“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,” Chiejina said.
