By Amofokhai Williams
Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890.
The price cut, effective from Saturday, 1st February 2025, comes in response to a positive shift in the global energy market and a decline in international crude oil prices.
Anthony Chiejina, spokesperson of the Refinery said in a statement on Saturday that the decision to lower the petrol price is part of Dangote Refinery’s ongoing commitment to transparency and fairness in its operations, as well as a reflection of the refinery’s efforts to align with the dynamics of global crude oil price fluctuations.
This follows a previous statement on 19th January, where a modest increase in the ex-depot price was implemented due to the surge in international crude oil prices.
According to the refinery, the reduction from N950 to N890 per litre would have a profound impact on the nation’s economy, particularly in reducing the cost of petrol.
The Refinery said the price adjustment is expected to trigger a decrease in the cost of goods and services, leading to an overall reduction in the cost of living.
As the cost of petrol constitutes a significant portion of transportation and production expenses, the ripple effects will be felt across various sectors of the economy, potentially stimulating economic growth.
Dangote Petroleum Refinery also called on marketers across the country to ensure that the benefits of this price adjustment are passed on to the Nigerian populace.
By doing so, the company said it believed the collective effort would contribute to the broader economic recovery plan championed by President Bola Ahmed Tinubu’s administration, which is focused on making Nigeria self-sufficient in refined petroleum products and positioning the nation as a leading oil export hub.