Dangote Refinery has announced a significant reduction in the ex-depot price of Premium Motor Spirit (petrol), lowering it from N950 to N890 per litre, effective February 1, 2025. This change was disclosed by Anthony Chiejina, the Group Chief Branding and Communication Officer, in a statement released late Saturday night.
With this adjustment, marketers will now purchase petrol at N890 per litre, and the retail price at filling stations is expected to drop from approximately N1,000 to around N950. This move marks a crucial response to evolving market conditions and aims to alleviate the financial burden on consumers.
Just two weeks prior, on January 17, Dangote Refinery had raised its prices, charging N955 per litre for customers purchasing between 2 million and 4.99 million litres, while those buying 5 million litres or more were charged N950 per litre. The previous increase was a reaction to rising international crude oil prices. However, the latest reduction reflects a favorable global energy outlook and a decline in crude oil prices.
The refinery emphasized that this price cut is aimed at reducing the overall cost of petrol nationwide, which is expected to lead to lower prices for goods and services. They are committed to transparency and fairness in pricing, ensuring that adjustments reflect ongoing fluctuations in the global crude oil market. This proactive measure is designed to stimulate economic activity and ease the financial burden on consumers.
This pricing strategy aligns with President Bola Ahmed Tinubu’s economic recovery plan, which focuses on achieving self-sufficiency in refined petroleum products and positioning Nigeria as a leading oil export hub. Dangote Refinery has called on marketers to pass on the benefits of the reduced petrol prices to consumers, working alongside the NNPC and imported products to collectively lower the overall cost of living and drive economic growth across the nation.
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Source: Premium Times
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