By Alexis Uchendu
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, effective February 1, 2025.
The company attributed the price adjustment to a favorable shift in global energy markets and a decline in international crude oil prices.
This follows a previous price hike on January 19, driven by rising crude costs.
Dangote Refinery expressed optimism that the price cut will lower fuel costs nationwide, ease the cost of living, and positively impact key economic sectors.
The company also urged fuel marketers to reflect the reduction at retail stations, ensuring consumers benefit from the adjustment as part of broader economic recovery efforts led by President Bola Ahmed Tinubu.
Reaffirming its commitment to Nigeria’s self-sufficiency in refined petroleum products, the refinery pledged to strengthen the country’s position as a leading oil export hub in Africa.
