In a significant move that could bring much-needed relief to Nigerians, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol. Effective from Saturday, 1st February 2025, the price will drop from N950 to N890 per liter.
This adjustment, according to the refinery, is driven by favorable trends in the global energy market, particularly the recent decline in international crude oil prices. It follows an earlier revision on 19th January, when the refinery had slightly increased prices in response to rising crude costs.
Dangote Refinery emphasized that this latest reduction is expected to ease the financial burden on Nigerians, lowering transportation costs and subsequently reducing the prices of goods and services. This, in turn, could help stabilize the economy and improve the overall cost of living.
The refinery also urged marketers to ensure that this price cut is reflected at fuel stations across the country, calling for collective action to maximize the benefits for citizens. This initiative aligns with President Bola Ahmed Tinubu’s broader economic recovery agenda, which prioritizes self-sufficiency in refined petroleum products and aims to position Nigeria as a major oil export hub.
As Nigerians await the impact of this price adjustment at the pumps, the move signals a step toward economic relief in a time of rising inflation and cost-of-living concerns.
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