Amid Criticisms, Dangote Drops PMS Price By N60 To N890 Per Litre
Dangote Petroleum Refinery has dropped the ex-depot price of Premium Motor Spirit (PMS) by N60 after being criticised for raising product price in January.
The refinery said it has reduced PMS price from N950 to N890, effective from Saturday, 1st February 2025.
On January 19, Dangote announced an upward review of the ex-depot price of its PMS from N899 per litre to N955 per litre, citing the rise in international crude prices.
At the time, crude oil prices were around $80 per barrel.
Nigerians reacted to the Dangote Refinery’s increase in the price of PMS.
Explaining the rationale behind the recent reduction, Dangote said the “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.
“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.”
The refinery called enjoined marketers to reflect the new prices in their stations.
The company added, “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.”
Amid Criticisms, Dangote Drops PMS Price By N60 To N890 Per Litre is first published on The Whistler Newspaper
