Barely three weeks after raising the cost of loading Premium Motor Spirit (PMS), commonly known as petrol, the Dangote Petroleum Refinery has announced a price reduction, lowering its ex-depot (gantry) price from N950 to N890 per litre.
In a statement released on Saturday night by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery attributed this adjustment to the positive outlook in the global energy and gas markets, as well as a recent decline in international crude oil prices. The price change takes effect immediately from Saturday, February 1, 2025.
The statement noted that the price revision reflects the ongoing fluctuations in global crude oil markets. On Friday, Brent crude, the international benchmark, traded at $77.48 per barrel—a $4 decrease from the $81 per barrel recorded in early January.
The refinery assured Nigerians that the price cut would lead to a significant reduction in petrol costs nationwide, subsequently lowering the prices of goods and services and easing the overall cost of living. It also urged marketers to ensure these benefits reach consumers.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will contribute to lowering fuel costs across the country, creating a positive ripple effect on various sectors of the economy,” the statement read.
Additionally, the refinery reaffirmed its commitment to supporting 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 key oil export hub.
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