By Our Correspondent
ABUJA (PRECISE POST) – 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, effective February 1, 2025.
This decision is attributed to favorable global energy market trends and a recent drop in international crude oil prices, the statement released on the official X account of Dangote Refinery said on Saturday.
The refinery emphasized that the price adjustment is in line with ongoing shifts in the global oil market, as previously noted in a statement on January 19, when a minor increase was implemented due to rising crude prices. Dangote Refinery expressed confidence that the N60 per litre price reduction would help reduce fuel costs nationwide, positively impacting the prices of goods and services, and easing the overall cost of living.
The company also urged marketers to pass on these benefits to consumers, contributing to the broader economic recovery efforts outlined by President Bola Ahmed Tinubu.
The initiative is part of Nigeria’s goal to achieve self-sufficiency in refined petroleum products and establish the country as a major oil export hub.