Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, 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. Brent crude, the international benchmark, was traded at $77.48 per barrel on Friday, marking a reduction of $4 from $81 per barrel recorded in early January.
The refinery expressed its commitment to transparency and fairness, stating that this price revision reflects the ongoing fluctuations in global crude oil markets. It further emphasized that the reduction 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.
In response to this development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged marketers to reduce the price of petrol, aligning with the new ex-depot price set by Dangote Refinery. PETROAN emphasized the need for a smooth transition in retail pricing, acknowledging that filling stations had already stocked up products purchased at the previous price.
This move by Dangote Refinery is expected to have a significant impact on the Nigerian economy, potentially leading to a reduction in transportation costs and overall inflation, thereby easing the financial burden on consumers.
