Dangote Refinery Adjusts Petrol Price to N890 Per Litre

Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre. The new price, effective from Saturday, February 1, 2025, comes as a response to a recent decline in global crude oil prices.

The cost of crude oil, including Nigeria’s Bonny Light, a key feedstock for local refineries, has fallen to $75.67 per barrel from over $80 per barrel in recent weeks. This shift in the international market has prompted Dangote Refinery to adjust its ex-depot price, aiming to reflect the changes in the global energy landscape.

In a statement, the refinery said the decision to lower prices was a direct result of the improved outlook in the global oil market. It added that the price revision aligns with the company’s ongoing commitment to transparency and fairness to all stakeholders.

“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 statement read.

“We are confident that this price reduction will ease the cost of living, helping to lower the prices of goods and services, and positively impacting various sectors of the economy.”

The refinery further reiterated that this move follows a similar adjustment made in January, when a slight increase in petrol prices was implemented due to rising crude oil prices.

Dangote Petroleum Refinery’s price adjustment marks the company’s ongoing efforts to balance global market conditions with the needs of Nigerian consumers.

As the new petrol price takes effect, consumers are expected to see a reduction in transportation costs, which could have a ripple effect on the prices of goods and services across various sectors of the economy.