Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective Saturday, February 1, 2025.
This price adjustment comes as the international crude oil market experiences a downward trend. The price of Nigeria’s Bonny Light crude, a key feedstock for local refining, has declined to $75.67 per barrel, down from over $80 per barrel in recent weeks.
Reason Behind the Price Drop
Dangote Petroleum Refinery attributed the price reduction to shifting global market dynamics. In a statement, the company reaffirmed its commitment to transparency and fairness, ensuring consumers benefit from international crude price fluctuations.
“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 refinery noted that its pricing policy is responsive to crude oil market trends. It referenced a modest price increase on January 19, 2025, which was necessitated by rising global crude prices at the time.
Impact on Consumers and the Economy
With the N60 per litre reduction, Dangote Petroleum Refinery anticipates a significant decrease in petrol costs across Nigeria. The company expects this move to positively impact:
- Transportation costs
- Prices of goods and services
- Overall cost of living
“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.”
This latest price adjustment reinforces Dangote Refinery’s role in stabilizing Nigeria’s downstream petroleum sector. As global crude oil prices continue to fluctuate, the refinery’s commitment to fair pricing and economic relief remains a key focus.
