Lagos, Feb 1, 2025 – In a move set to bring relief to Nigerians, 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 price cut takes effect from Saturday, February 1, 2025.
The decision follows a decline in global crude oil prices and aligns with the refinery’s commitment to adjusting prices based on international market trends. The latest price review reverses a modest increase implemented on January 19, when rising crude oil costs forced the refinery to adjust its rates.
In a statement obtained from Dangote Industries’ official Facebook page by The Bureau Newspaper, the refinery emphasized that the price reduction is expected to lower fuel costs nationwide, subsequently bringing down transportation expenses, prices of goods and services, and the general cost of living.
“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 statement read.
The company also called on marketers and fuel distributors to pass on the benefits of the price cut to consumers, ensuring that Nigerians fully reap the rewards of the adjustment.
The price slash aligns with the economic recovery plans of President Bola Ahmed Tinubu, who has prioritized self-sufficiency in refined petroleum products and aims to position Nigeria as a leading exporter of refined oil.
This development comes as Nigerians continue to grapple with high inflation and economic challenges. The reduction in petrol prices is expected to offer some relief to businesses and households already burdened by rising costs.
With this latest move, Dangote Refinery reinforces its role as a major player in Nigeria’s energy sector, setting the pace for price stabilization in the local petroleum market.
Will Petrol Pump Prices Drop?
While the ex-depot price cut is a welcome development, the final retail price at filling stations will depend on how marketers adjust their pump prices in response to the reduction. Nigerians will be watching closely to see whether the new rates translate to cheaper fuel at the pumps in the coming days.
