By Abiola Olawale
The 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.
The refinery owned by Africa’s richest man and business magnate, Alhaji Aliko Dangote, also announced that the new price will be effective from Saturday, February 1, 2025.
In a press statement, the refinery further explained that the adjustment was made in response to favourable developments in the global energy sector and a decline in international crude oil prices.
In the statement signed by the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery stated that the decision reflects its commitment to aligning with market realities while ensuring consumers benefit from these changes in international crude oil prices.
The statement reads in part: “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.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living.”
