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 new price takes effect from Sunday, February 2, 2025.

In a statement released by the company’s Chief Branding and Communications Officer, Anthony Chiejina, the refinery attributed the price cut to favorable global energy market trends, particularly the recent drop in international crude oil prices.

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“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 statement read.

The company emphasized that the move aligns with its commitment to transparency and ensuring that Nigerians benefit from fluctuations in the global crude oil market. Notably, this is the second price adjustment in recent weeks, following a previous increase on January 19, 2025, due to rising crude oil costs at that time.

The refinery expressed optimism that the N60 per litre reduction will help ease financial burdens on consumers and drive down overall living costs.

“Dangote Petroleum Refinery firmly believes that this reduction will lead to a meaningful decrease in the cost of petrol nationwide. This, in turn, will help lower the prices of goods and services, ultimately reducing the overall cost of living,” the company stated.

The company also urged oil marketers to ensure that the price cut is fully reflected at the pump, allowing consumers to benefit directly from the adjustment.

The move aligns with the broader economic recovery strategy of President Bola Ahmed Tinubu’s administration, which aims to stabilize the economy and ease the financial strain on Nigerians.

This development comes amid growing public concern over the high cost of fuel, which has significantly impacted transportation, production costs, and inflation. Analysts predict that the reduction in petrol prices could provide much-needed relief for businesses and households across the country.

Since its commissioning, Dangote Refinery has been a key player in Nigeria’s energy sector, working to reduce dependence on imported refined petroleum products and stabilize local fuel prices. With this latest adjustment, the refinery reinforces its role in shaping a more competitive and efficient petroleum industry in Nigeria.