Dangote Refinery emphasized that the latest price reduction aligns with its commitment to transparency and fairness. The company had previously cited rising crude oil prices as the reason for its January price increase.
Lagos, Nigeria – 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 per litre.
The company’s Group Chief Branding and Communication Officer, Anthony Chiejina, disclosed this in a statement on Saturday night, stating that the new price became effective from February 1, 2025.
According to the refinery, this price adjustment reflects the positive outlook in global energy markets and the recent decline in international crude oil prices.
Impact on Petrol Retail Prices
With this reduction, marketers will now purchase petrol at N890 per litre from Dangote Refinery. They are expected to factor in transportation costs and profit margins before determining the final pump price at filling stations. However, the cost to consumers is projected to drop from around N1,000 per litre to approximately N950 at stations that source fuel from Dangote.
This development follows an earlier price increase on January 17, 2025, when Dangote Refinery raised its gantry price. At that time, petrol prices were set at N955 per litre for 2 to 4.99 million litres and N950 per litre for purchases of 5 million litres and above.
Commitment to Fair Pricing
Dangote Refinery emphasized that the latest price reduction aligns with its commitment to transparency and fairness. The company had previously cited rising crude oil prices as the reason for its January price increase.
The refinery also urged petroleum marketers to ensure that the benefits of the price reduction are passed on to Nigerian consumers, helping to lower the overall cost of living and stimulate economic recovery.
Support for Nigeria’s Economic Plan
Dangote Petroleum Refinery reaffirmed its support for the economic recovery initiatives of President Bola Ahmed Tinubu, who aims to make Nigeria self-sufficient in refined petroleum products and position the country as a leading oil export hub.
The refinery remains a major supplier of petrol for local consumption, alongside the Nigerian National Petroleum Corporation (NNPC) and independent importers.
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