Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 to ₦890 per litre, effective Saturday.

In a statement issued by Anthony Chiejina, the Group's Chief Branding and Communications Officer, the company attributed the price adjustment to favourable developments in the global energy market and a decline in international crude oil prices.

“The decision reflects our commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices,” the statement read.

The company noted that this latest price revision follows a previous adjustment on January 19, when petrol prices were increased due to rising crude oil costs. However, with global crude prices now declining, the refinery has adjusted its rates accordingly.

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Dangote Refinery stated that the reduction would significantly lower petrol costs nationwide and positively impact the broader economy by helping to reduce the prices of goods and services.

“The decrease from ₦950 to ₦890 per litre is expected to contribute to reducing the overall cost of living and stimulate economic activity across various sectors,” the company said.

The refinery urged fuel marketers to pass on the price reduction benefits to consumers. It also reaffirmed its support for the federal government’s economic initiatives under President Bola Tinubu, which aim to achieve self-sufficiency in refined petroleum products and position Nigeria as a central oil export hub.

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