Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N950 to N890 per litre. The new price took effect on Saturday, February 1, 2025.
The price adjustment follows a decline in crude oil prices, including Nigeria’s Bonny Light, which dropped to $75.67 per barrel from over $80 per barrel in the international market.
In a statement, the refinery attributed the reduction to global market trends, reaffirming its 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 company stated.
Dangote Refinery emphasized that the move aligns with its pricing policy, which responds to fluctuations in global crude oil costs. It noted that a slight increase was implemented on January 19 due to previously rising crude oil prices.
The company expressed confidence that the reduction would help lower the cost of petrol nationwide, positively impacting the prices of goods and services while easing the overall costof living.