In a significant move aimed at easing economic pressures, the Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre. The new price, effective from Saturday, February 1, 2025, comes as a response to favorable trends in global energy markets and a recent decline in international crude oil prices.
Global Market Trends Drive Price Reduction
The refinery attributed the price cut to the positive outlook in global energy and gas markets, as well as the reduction in international crude oil prices. In a statement, the company emphasized its commitment to transparency and fairness, noting that the adjustment reflects ongoing fluctuations in global crude oil markets.
“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 Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide.”
Economic Impact and Call for Collaboration
The refinery expressed confidence that the price reduction would have a ripple effect on Nigeria’s economy, driving down the cost of goods and services and improving the overall cost of living. The move aligns with President Bola Ahmed Tinubu’s economic recovery plan, which aims to make Nigeria self-sufficient in refined petroleum products and position the country as a leading oil export hub.
Dangote Refinery also called on marketers to ensure that the benefits of the price cut are passed on to consumers. “We urge marketers to collaborate in this effort to ensure that these benefits reach the Nigerian populace. This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu,” the company stated.
Commitment to Transparency and Fairness
The refinery reiterated its commitment to transparency, highlighting its responsiveness to global market trends. On January 19, 2025, the company had implemented a modest price increase due to rising international crude oil prices. The latest reduction underscores its dedication to aligning prices with market realities.
A Boost for Nigeria’s Economy
The price cut is expected to provide much-needed relief to Nigerians, particularly amid rising inflation and economic challenges. By reducing the cost of petrol, Dangote Refinery aims to stimulate economic activity, lower transportation costs, and enhance the affordability of essential goods and services.
Conclusion
The Dangote Petroleum Refinery’s decision to reduce petrol prices to N890 per litre marks a significant step toward easing economic pressures in Nigeria. As the country continues to navigate global energy market dynamics, the refinery’s commitment to transparency and collaboration with marketers underscores its role in driving national economic recovery and stability.
