In a move set to provide relief to Nigerian consumers, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective Saturday, February 1, 2025.

This decision comes in response to a decline in international crude oil prices and a more positive global energy market outlook. The refinery emphasized that this adjustment aligns with its commitment to transparency and fairness, ensuring that pump prices reflect real-time fluctuations in crude oil markets.

This latest price cut follows a statement by Dangote Refinery on January 19, 2025, when a modest price increase was implemented due to rising global crude prices at the time. The latest revision, however, offers much-needed relief to Nigerians struggling with rising living costs.

With this reduction, fuel prices across the country are expected to decrease, leading to a drop in transportation costs, lower prices of goods and services, and a reduced cost of living. Analysts predict a positive ripple effect on various economic sectors, easing inflationary pressures and boosting purchasing power.

Dangote Refinery also urged fuel marketers to reflect the price cut at retail stations, ensuring that consumers benefit directly. The refinery stressed that collaboration within the downstream sector is essential to making the reduction meaningful for everyday Nigerians.

This move aligns with the broader economic recovery plan spearheaded by President Bola Ahmed Tinubu, who has prioritized self-sufficiency in refined petroleum products and transforming Nigeria into a major oil export hub.

By refining petroleum products locally, Dangote Refinery is playing a crucial role in reducing Nigeria’s dependence on fuel imports, stabilizing supply chains, and strengthening the naira.

As Nigeria continues to navigate economic challenges, this strategic price adjustment serves as a beacon of relief, reinforcing the refinery’s role in shaping a more sustainable energy future for the nation.