The Dangote Refinery has slashed its ex-depot price for premium motor spirit (PMS), better known as petrol, from ₦950 per litre to ₦890.
In a statement, the company said the move is “effective from Saturday, 1st February 2025”.
According to Anthony Chiejina, the Dangote Group’s chief brand and communications officer, the reduction is based on market conditions.
In a statement released on Saturday night, Chiejina said, “This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets as well as the recent decline in international crude oil prices.
READ ALSO: MRS, Ardova, Heyden To Sell Petrol ₦970/Litre — Dangote
OFFICIAL STATEMENT ON EX-DEPOT PRICE REDUCTION FOR PMS
Dangote Petroleum Refinery has 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.
This strategic adjustment is a… pic. twitter.com/4Xhvfr4nPd
He recalled that “a modest increase” in the price of the essential commodity was “due to the previously rising international crude oil prices” that Dangote Refinery had implemented a few weeks ago.
The plant’s “unwavering commitment to transparency and fairness” and the most recent “price revision” “reflects the ongoing fluctuations in global crude oil markets,” according to the spokesman.
The refinery anticipates that the country’s “overall cost of living” will be impacted by the drop in the ex-depot price.
According to Chiejina, “Dangote Petroleum Refinery firmly believes that this reduction will lead to a significant decrease in the cost of gasoline nationwide, driving down the prices of goods and services, as well as the overall cost of living, with a positive impact on various sectors of the economy,” according to Chiejina.
The Dangote Petroleum Refinery urged marketers to “coordinate in this effort to ensure that these advantages are passed on to the Nigerian populace.”
His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the nation as a leading oil export hub, said: “This collective initiative will contribute to the larger economic recovery plan.”
READ MORE: OPEC’s Impact on the Dangote Refinery’s Petrol Production
In January of this year, the 650, 000-barrel-a-day refinery built by Nigerian billionaire Aliko Dangote started producing diesel and aviation fuel.
The refinery, first scheduled to open in 2021, was officially inaugurated by then-president Muhammadu Buhari in 2023.
President Bola Tinubu has instituted economic reforms he claims will encourage foreign investment and foster long-term growth since taking office in May 2023. He has instituted long-standing fuel subsidies.
Source: Channels TV
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