Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), also known as petrol to N890 per litre, from N950 per litre, effective from Saturday, February 1, 2025.
The price of crude oil, including Nigeria’s Bonny Light, a major feedstock, dropped to $75.67 per barrel, from over $80 per barrel in the international market.
However, Dangote Petroleum Refinery said the price reduction was based on developments in the global oil market, adding that it remains committed to transparency and fairness to all stakeholders.
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In a statement, the company, stated: “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.
As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
“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.”
