In its bid to ease the economic burden on Nigerians, 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 new price takes effect today, February 1, 2025.

This price adjustment follows a recent decline in global crude oil prices and aligns with the refinery’s commitment to transparency and fairness in fuel pricing. In a statement released on Saturday, Dangote Refinery emphasized that the decision reflects the volatility of global crude oil markets, which previously led to a slight increase in petrol prices on January 19.

Dangote Petroleum Refinery expressed confidence that this reduction will have a positive ripple effect on Nigeria’s economy, lowering the cost of transportation, goods, and services, ultimately reducing the cost of living for millions of Nigerians.

The refinery has also urged petroleum marketers to cooperate in ensuring that these benefits reach consumers, emphasizing the importance of industry-wide collaboration in economic recovery.

This development comes as part of a broader economic strategy championed by President Bola Ahmed Tinubu, aimed at making Nigeria self-sufficient in refined petroleum products and positioning the country as a key player in the global oil market.