Dangote Refinery Slashes Petrol Price To N890 Per Litre

Dangote Refinery reduced petrol’s ex-depot price from N950 to N890 per litre.
The adjustment follows a drop in global crude oil prices to $75.67.
Marketers are expected to reflect the reduction to ease living costs nationwide.

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.

EDITOR’S PICKS

EKO HOT BLOG reports that the price adjustment comes amid a decline in global crude oil prices, with Nigeria’s Bonny Light crude dropping from over $80 per barrel to $75.67 per barrel.

The refinery stated that the move aligns with developments in the international oil market, assuring commitment to fairness and transparency in pricing.

“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,” the company said in a statement.

“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on January 19, when a modest increase was implemented due to previously rising international crude oil prices.”

The refinery expressed confidence that the price reduction would ease the cost of petrol nationwide, leading to a decrease in the prices of goods and services and alleviating overall living costs.

The statement also urged oil marketers to reflect the new prices at the pump, ensuring that Nigerians benefit from the cost reduction. It emphasized that this effort aligns with President Bola Ahmed Tinubu’s broader economic strategy to make Nigeria self-sufficient in refined petroleum products and establish the country as a major oil export hub.

Dangote Refinery Petrol Price To N890 Per Litre

“In the coming weeks, the Dangote Petroleum Refinery will roll out a series of innovative strategies aimed at delivering tangible benefits to marketers, consumers, and all stakeholders, thereby contributing to the sustainable progress and development of the nation,” the statement added.

Meanwhile, industry sources indicated that oil marketers, including MRS, are working to adjust their prices in response to the new ex-depot rate.