Dangote Petroleum Refinery has again reduced the ex-depot price of Premium Motor Spirit, commonly known as petrol, from N950 to N890.
The crash in price, effective from Saturday, came after Dangote had some weeks back hiked the cost in ex-depot price to N950.
A statement by the management of the refinery late on Saturday said: This price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
“Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.”
In the statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the firm explained that this latest move followed a similar decision made on January 19, 2025 when a modest price increase was implemented due to rising crude oil costs.
However, with recent global market trends indicating a decline, Dangote Refinery adjusted its pricing structure.
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The statement also noted that the price reduction would significantly lower the cost of petrol across the country.
“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, with a positive ripple effect on various sectors of the economy,” the statement said.
The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration it said is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
The statement added: “This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.”
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