Lagos, Nigeria – The 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 February 1, 2025
The announcement, made by Dangote Group’s Chief Branding and Communication Officer, Anthony Chiejina, signals a positive shift for consumers and businesses affected by high fuel costs in recent months.
With this reduction, petroleum marketers purchasing from Dangote Refinery will now pay **N890 per litre, down from the previous N950. These marketers will then add their operational costs, such as transportation and profit margins, before determining the final pump price at filling stations.
Industry experts anticipate that the retail price of petrol at filling stations could now drop from approximately N1,000 per litre to around N950, depending on individual marketers and regional factors.
This price revision comes just two weeks after Dangote Refinery increased its petrol price. On January 17, the company raised its gantry price, with customers buying between 2 million and 4.99 million litres paying N955 per litre, while those purchasing 5 million litres and above were charged N950 per litre.
Why the Price Reduction?
According to Dangote Refinery, the latest price adjustment is a direct response to recent global crude oil price declines and the positive outlook in the global energy and gas markets.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets,” Chiejina stated. He emphasized that when global crude prices increased in January, Dangote had also made a modest upward adjustment.
This development is expected to bring relief to consumers and businesses, as fuel prices have a significant impact on the cost of goods and services. Lower fuel costs typically lead to reduced transportation expenses, helping to stabilize inflation and ease economic pressure on Nigerians.
According to Chiejina, “Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 per litre 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.”
Additionally, the refinery called on petroleum marketers to ensure that the benefits of this price reduction are passed on to consumers to support wider economic recovery efforts.
The Dangote Refinery located in one of Nigeria’s Free Trade Zones, is the country’s largest private-sector petroleum refinery and a major supplier of petrol for domestic consumption.
While Nigeria’s state-run Nigerian National Petroleum Corporation (NNPC)** also supplies refined petrol from its refineries, and some marketers still import fuel, Dangote Refinery plays a crucial role in reducing Nigeria’s reliance on fuel imports.
The refinery’s goal aligns with President Bola Ahmed Tinubu’s economic plan, which aims to make **Nigeria self-sufficient in refined petroleum product and transform the country into a leading oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by 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,” Chiejina added.
