Dangote Refinery lowers petrol price to N890/litre on global market trend
Onome Amuge
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 from Saturday, February 1, 2025.
The price reduction was reportedly driven by favourable developments in the global energy market and a notable decline in international crude oil prices.
Dangote Refinery also emphasised its commitment to aligning with market dynamics and ensuring that consumers reap the benefits of falling crude oil prices in the global market.
The largest oil refinery in Nigeria, in a statement released by Anthony Chiejina, group chief branding and communications officer,explained that its latest decision to reduce petrol prices was consistent with its previous pricing strategy.
The company had announced a modest hike in petrol prices on January 19 2025, following a rise in crude oil prices, but has now reversed this increase in response to recent declines in crude prices.
Dangote refinery noted that the price adjustment was driven by its understanding of the economic impact high petrol prices have on Nigerians and its commitment to deliver value to its consumers.
By reducing the price of petrol, the refinery expects a noticeable decrease in transportation costs for goods and services across the country, ultimately translating into lower prices for consumers.
“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,” the company stated..
Dangote Refinery also appealed to Nigerian marketers to ensure that the reduced petrol price is transmitted to consumers, promoting economic fairness and equitable distribution of wealth across all segments of society.
Moreover, the refinery underscored its support for President Bola Tinubu’s administration, which is focused on promoting national self-sufficiency in refined petroleum products and establishing Nigeria as a major oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub¸” it stated.
In line with its commitment to Nigeria’s long-term economic development, Dangote Refinery stressed its ongoing efforts to implement innovative strategies that prioritise the interests of Nigerians .
As a major player in Nigeria’s energy sector, the refinery reiterated its commitment to stimulate economic activity across a range of sectors, thereby promoting stability and growth for all Nigerians.