The Dangote Refinery has reduced its ex-depot price for Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 per litre to ₦890.
In a statement, the company announced that the adjustment would take effect from Saturday, 1st February 2025.
The Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina, stated that the price reduction was in response to prevailing market conditions.
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent decline in international crude oil prices,” Chiejina said in the statement issued on Saturday evening.
Official Statement on the Reduction in Ex-Depot Price of PMS
The Dangote Petroleum Refinery has revised the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 to ₦890, effective from Saturday, 1st February 2025.
This strategic adjustment is a… pic.twitter.com/4Xhvfr4nPd
— Dangote Group (@DangoteGroup) 1st February 2025
Chiejina recalled that a few weeks ago, the Dangote Refinery implemented a “modest increase” in the price of the essential commodity due to the previously rising international crude oil prices.
However, he noted that the latest price revision reflects ongoing fluctuations in global crude oil markets and demonstrates the refinery’s “unwavering commitment to transparency and fairness.”
The refinery believes the reduction in the ex-depot price will positively impact the overall cost of living in the country.
“Dangote Petroleum Refinery firmly believes that this reduction from ₦950 to ₦890 will lead to 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,” Chiejina said.
The Dangote Petroleum Refinery urged marketers to collaborate in ensuring that these benefits are passed on to Nigerian consumers.
“This collective initiative will contribute to the broader economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” he added.
Refinery Operations and Economic Impact
The long-delayed 650,000-barrel-per-day refinery, built by Nigerian billionaire Aliko Dangote, began producing diesel and aviation fuel in January last year.
Originally scheduled to commence operations in 2021, the refinery was officially inaugurated by former President Muhammadu Buhari in 2023.
Since assuming office in May 2023, President Bola Tinubu has implemented economic reforms, including ending long-standing fuel subsidies and floating the naira currency. These measures, aimed at attracting foreign investment and fostering long-term growth, have had significant short-term effects.
Fuel prices have more than tripled, inflation reached a three-decade high of 34% in June 2024, and the naira has depreciated sharply against the dollar, exacerbating price pressures on imported goods.