Less than a month after implementing a price hike for Premium Motor Spirit commonly known as petrol the Dangote Petroleum Refinery has announced a price reduction of the ex-depot (gantry) price from N950 to N890 per litre, with immediate effect from Saturday, February 1, 2025.
According to a statement released on Saturday night by the refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina, the adjustment was influenced by favorable trends in global energy and gas markets, alongside a recent drop in international crude oil prices.
Brent crude, the global benchmark, was traded at $77.48 per barrel on Friday, reflecting a decline of $4 from the $81 per barrel recorded in early January.
The statement reads in part, “Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit, commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
“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 reiterated its dedication to fairness and transparency, pointing out that the price revision aligns with market dynamics.
It referenced an earlier announcement on January 19, when an increase was necessary due to rising crude oil costs.
Furthermore, Dangote Refinery expressed confidence that this reduction would significantly impact the cost of petrol nationwide, leading to lower prices for goods and services while easing the overall cost of living.
The statement continued, “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.
“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.”
Emphasizing its role in Nigeria’s economic recovery, the refinery urged marketers to support the initiative to ensure consumers fully benefit from the price adjustment.
“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,” the statement stated.
