Mkpoikana Udoma
Port Harcourt — Dangote Petroleum Refinery has again reduced the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
The N60 price cut follows a decline in global crude oil prices and could lead to lower fuel costs nationwide.
The new price also marks a reversal from the January 19 2025 increase, which was attributed to rising international crude prices at the time.
Dangote Refinery, in a statement by its Group Chief Branding and Communications Officer, Mr Anthony Chiejina, emphasized that the adjustment reflects its commitment to fairness and market realities.
The statement said, “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.
“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.”
The company expressed optimism that the price reduction will ease economic pressures.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.”
The refinery urged marketers to ensure that consumers benefit from the price cut.
“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.”
The company also linked the move to the government’s broader economic recovery efforts.
“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.”
