In a surprising move, the Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre. The price adjustment, which takes effect immediately from February 1, 2025, comes just three weeks after the refinery announced an increase in its loading cost.
The company attributed the price reduction to improvements in the global energy and gas markets, as well as a recent drop in international crude oil prices. In a statement released on Saturday night, the Group Chief Branding and Communications Officer of the refinery, Anthony Chiejina, emphasized that the adjustment aligns with Dangote Refinery’s commitment to transparency and fairness.
“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. It further reiterated that the decision reflects ongoing fluctuations in the global crude oil market, similar to the price increase announced on January 19, which was driven by previously rising crude oil prices.
The development is expected to influence fuel pricing trends across Nigeria, where the cost of petrol has remained a major economic concern. With Dangote Refinery playing a significant role in domestic fuel supply, the reduction could bring some relief to consumers already grappling with high living costs.
More details are expected as reactions from industry stakeholders and market players unfold.
