Dangote Reduces Petrol Price Again

In a significant move, Dangote has announced another reduction in petrol prices, offering relief to consumers amid fluctuating fuel costs.

On Saturday, the Dangote Petroleum Refinery announced a decrease in the ex-depot (gantry) price of Premium Motor Spirit (PMS), also known as petrol, from N950 to N890. This change will take effect on February 1st, 2025.

A statement issued by Anthony Chiejina, the Group Chief Branding and Communication Officer, indicated that this strategic adjustment is a direct response to the optimistic outlook in global energy and gas markets, along with the recent decline in international crude oil prices.

In line with Dangote Refinery’s steadfast dedication to transparency and fairness, this price adjustment mirrors the continuous changes in global crude oil markets. This is similar to the situation on January 19th when a slight increase was introduced following earlier rises in international crude oil prices, as noted in the refinery’s statement.

Dangote Petroleum Refinery is confident that lowering the price from N950 to N890 will significantly decrease petrol costs across the country. This change is expected to reduce prices of goods and services, lower overall living expenses, and positively influence several economic sectors.

“Furthermore, Dangote Petroleum Refinery urges marketers to join in this effort to ensure the Nigerian population benefits. This joint initiative will support a broader economic recovery plan spearheaded by President Bola Ahmed Tinubu, who is committed to achieving self-sufficiency in refined petroleum products for Nigeria and establishing the nation as a prominent oil export hub,” the statement read.

Cknnews notes that the Dangote Refinery had lowered fuel prices to approximately N900 in December 2024, but subsequently raised them again in January.