- Safiu Kehinde
Dangote Petroleum Refinery has reduced the its ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre.
The price reduction is to to take effect from Saturday, 1st February 2025.
This, according to a statement issued by the Dangote Group on Saturday, was done in account of recent reduction in international crude oil prices.
Dangote held that the price reduction displayed the refinery’s unwavering commitment to transparency and fairness, adding that the price revision reflects the ongoing fluctuations in global crude oil markets.
The statement read; “Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
“The group expressed optimism that the 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.
“Dangote, however , urged marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
“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.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
“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.
“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.”