Dangote Petroleum Refinery has announced a price reduction for Premium Motor Spirit (PMS), commonly known as petrol, lowering the cost from N950 to N890 per litre.
The new price takes effect from Saturday, February 1, 2025, according to a statement issued by the refinery’s spokesperson, Anthony Chiejina, on Saturday.
Chiejina described the price adjustment as a strategic response to shifts in the global energy market, particularly the recent decline in international crude oil prices.
“This revision aligns with our commitment to transparency and fairness. It reflects ongoing fluctuations in global crude oil markets, just as our January 19 price adjustment responded to rising crude costs at the time,” he stated.
Dangote Refinery expressed confidence that the N60 reduction will help lower the cost of petrol nationwide, easing the financial burden on Nigerians.
The company also anticipates that the price cut will reduce transportation costs, drive down the prices of goods and services, and positively impact the economy.
The refinery urged oil marketers to cooperate in ensuring that the benefits of the price reduction reach consumers.
“This initiative is in line with the economic recovery plan of President Bola Ahmed Tinubu, who is committed to achieving self-sufficiency in refined petroleum products and positioning Nigeria as a leading exporter,” Chiejina added.
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