In a move to ease economic pressure, Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), bringing it down from N890 to N825 per litre. The new price takes effect on February 27, 2025, and aims to provide relief to Nigerians, especially as the Ramadan season approaches. This marks the second price cut in February, following an earlier N60 per litre reduction at the beginning of the month.
The latest price adjustment will reflect differently across the country. In Lagos, petrol will sell for N860 per litre, while in the South-West, it will be N870 per litre. For consumers in the North, the price will be N880 per litre, and those in the South-South and South-East will pay N890 per litre. Major petroleum marketers, including MRS, AP (Ardova Petroleum), and Heyden, have aligned with this pricing structure to ensure uniformity across retail stations.
This development follows Dangote Refinery’s commitment to stabilizing fuel prices and ensuring steady supply across the nation. In December 2024, the refinery also slashed petrol prices by N70.50 per litre during the festive season to ease transportation costs for Nigerians. The company assures the public that it has sufficient stock to meet domestic demand while also maintaining exports to boost Nigeria’s foreign exchange earnings.
Marketers and independent retailers are being urged to support this initiative by maintaining fair pricing at their outlets. The refinery has emphasized that this price cut should translate to lower pump prices for consumers. However, some industry experts believe transportation and distribution costs could still impact final retail prices in certain regions.
This strategic move aligns with President Bola Ahmed Tinubu’s vision to make Nigeria self-sufficient in refined petroleum products and reduce dependency on imports. With Dangote Refinery now fully operational, the country is positioning itself as a major player in the global oil market, ensuring better pricing stability for Nigerian consumers.
