Dangote Refinery lowers petrol price to ₦890

The Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit (PMS), also called petrol, from ₦950 to ₦890. On Saturday, the company announced that the price reduction will begin on Saturday, February 1, 2025.

“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,”

Ripple Effect: Anthony Chiejina, spokesperson Dangote Refinery, said that this price revision reflects the ongoing changes in global crude oil markets. This was highlighted in the refinery’s statement on 19 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 ₦950 to ₦890 will result in a significant decrease in the cost of petrol nationwide, 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.

“To guarantee that these advantages are distributed to the Nigerian people, Dangote Petroleum Refinery also encourages marketers to work together in this endeavor,” the statement continued.

According to him, this group effort would support the broader economic recovery strategy spearheaded by His Excellency, President Bola Ahmed Tinubu, who is committed to establishing Nigeria as a major oil export center and achieving self-sufficiency in refined petroleum products.