Dangote Petroleum Refinery has announced a reduction in the depot price of Premium Motor Spirit (PMS) from N950 to N890 per litre, effective February 1, 2025. The move is expected to provide relief for Nigerians struggling with high living costs.
The refinery attributed the price cut to improved global energy market conditions and a decline in international crude oil prices. “This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices,” the company stated in a release signed by Anthony Chiejina, the Dangote Group’s Chief Branding and Communications Officer.
With fuel prices influencing transportation and goods costs, the refinery expects the reduction to ease financial pressures on consumers. “This reduction from N950 to N890 will lead to a meaningful decrease in petrol costs nationwide, which should drive down prices of goods and services,” Dangote Refinery noted.
However, the company urged fuel marketers to pass on the savings to end-users. It also reaffirmed its commitment to supporting President Bola Tinubu’s economic recovery plan, which aims to make Nigeria self-sufficient in refined petroleum products and establish the country as a key oil export hub.
While the price cut has been welcomed, attention is now on petrol stations and transport operators to see if they will reflect the reduction in their pricing.
As a fallout of this, the Petroleum Products Retail Outlets Owners Association of Nigeria has urged marketers to reduce the price of Premium Motor Spirit, aka petrol
