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”.
The Dangote Group Chief Branding and Communications Officer Anthony Chiejina said the reduction is based on market realities.
“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,” Chiejina said in the statement issued on Saturday night.
He recalled that Dangote Refinery a few weeks back implemented “a modest increase” in the price of the essential commodity “due to the previously rising international crude oil prices.”
But the spokesman said the most recent “price revision reflects the ongoing fluctuations in global crude oil markets” and the plant’s “unwavering commitment to transparency and fairness”.
The refinery believes the reduction in the ex-depot price will impact the “overall cost of living” in the country.
“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,” Chiejina said.
The Dangote Petroleum Refinery called on marketers to “collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” he added.
The oft-delayed 650,000-barrel-a-day refinery built by Nigerian billionaire Aliko Dangote began producing diesel and aviation fuel in January last year.
The refinery, first scheduled to open in 2021, was officially inaugurated by then-president Muhammadu Buhari in 2023.
Since coming to office in May 2023, President Bola Tinubu has ended long-standing fuel subsidies and floated the naira currency in economic reforms he says will attract foreign investment and build long-term growth.
But in the short term, fuel prices have more than tripled, inflation hit a three-decade high of 34 percent in June 2024 and the naira has collapsed against the dollar, adding to price pressures on imported goods.
