Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890. This new price is effective from Saturday, February 1, 2025. In a statement issued on Saturday, the company attributed this price cut to the favorable trends in global energy and gas markets, as well as the recent drop in international crude oil prices. The Impact of the Price Reduction Anthony Chiejina, a spokesperson for Dangote Refinery, emphasized that the price revision reflects the refinery’s dedication to transparency and fairness. This adjustment follows the statement made on January 19, when a modest increase in prices was implemented in response to rising international crude oil prices. Chiejina noted that the price reduction from N950 to N890 is expected to significantly lower petrol costs nationwide, which would, in turn, reduce the prices of goods and services. This would have a beneficial ripple effect across various sectors of the Nigerian economy, contributing to a reduction in the overall cost of living. Furthermore, Dangote Petroleum Refinery has urged marketers to join in this initiative to ensure that the reduced prices benefit the Nigerian people. Chiejina also highlighted that this effort aligns with President Bola Ahmed Tinubu’s broader economic recovery plan, which focuses on achieving self-sufficiency in refined petroleum products and positioning Nigeria as a leading oil export hub. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Despite the recent price reduction of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery to ₦899.50 per litre from ₦970 per litre, the minimum pump price of petrol in Nigeria has not yet dropped. In Lagos, most petrol stations, including those operated by the Nigerian National Petroleum Company Limited (NNPCL), continue to sell petrol at a minimum of ₦1,025 per litre. Major oil marketers maintain prices around ₦1,070, while independent marketers charge as high as ₦1,100 per litre. This price slash by Dangote Refinery was intended to ease transportation costs and bring relief to Nigerians, particularly during the festive season. Reactions from Industry Experts Maxi Colman Obasi, the National President of the Oil and Gas Services Providers Association of Nigeria (OGSPAN), applauded Dangote Refinery for reducing its ex-depot prices. He urged petrol marketers to pass on the benefits of the price reduction to consumers. Another industry expert, who chose to remain anonymous, highlighted that the global crude oil price had dropped from $73 per barrel to $72 per barrel. This decline, coupled with the deregulated market, should encourage a decrease in petrol prices at the pump. Dangote Refinery’s Efforts Announcing the price cut, Dangote Refinery offered a special holiday discount, reducing its ex-depot price to ₦899.50 per litre. In addition, customers purchasing petrol in cash can buy an extra litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank. Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, emphasized the refinery’s commitment to providing high-quality, competitively priced petroleum products that are environmentally friendly and safe for engines. He also noted that the refinery’s operations would eliminate Nigeria’s reliance on substandard, blended imported petroleum products, which have posed health and environmental risks. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail stations in Abuja. According to reports from DAILY POST, the pump price of petrol has dropped from ₦1,060 to ₦1,040 per litre at NNPCL outlets, reflecting a ₦20 decrease. This adjustment was confirmed by a staff member at an NNPCL filling station located along the Kubwa Expressway, who stated, “The price was reduced to ₦1,040 per litre from ₦1,060 on Saturday morning.” The price cut has been welcomed by consumers, with many calling for further reductions in the coming weeks. Despite this, petrol prices remain higher—up to ₦1,115 per litre—at other fuel stations depending on the location. This recent development follows the commencement of petroleum production at the state-owned Port Harcourt refinery in November 2024, just three weeks ago. Prof. Billy Okoye, the former Managing Director of NNPCL Retail, had previously hinted at potential price reductions as a result of increased domestic production from the refinery. Additionally, industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), had earlier predicted that ongoing deregulation efforts and operational activities at both the Dangote and Port Harcourt refineries would drive down petrol prices nationwide. With the price adjustment, Nigerians can now expect a slight relief in fuel costs while anticipating more competitive pricing in the future as local production capacity increases. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
