The Dangote Refinery has revealed that favourable developments in the global energy sector and a significant decline in international crude oil prices are responsible for the reduction in the price of its Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 per litre to ₦890.
This was disclosed in a statement released on Saturday by the Group Chief Branding and Communications Officer, Anthony Chiejina, who said the move is “effective from Saturday, 1st February 2025.”
The statement reads: “Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.”
He further stated: “However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.”
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from ₦950 to ₦890 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.
“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,” it added.
In another positive development and Contrary to previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited were not fully operational,the Petroleum Products Retail Outlet Owners Association of Nigeria(PETROAN) says its members are now loading petroleum products from the Port Harcourt and Warri refineries.
Its spokesperson, Joseph Obele, made this known in a statement on Saturday, saying, “PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits.”
Obele who revealed to our correspondent that the Port Harcourt refinery is already selling petrol, diesel and kerosene to retailers while the Warri refinery is supplying only diesel and kerosene. cleared the doubt on the workability of the two refineries.
He said, “The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices. As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market,“ Obele stressed.
Meanwhile,the Petroleum Products Retail Outlets Owners Association of Nigeria has urged marketers to reduce the price of Premium Motor Spirit, aka petrol, following the reduction in the ex-depot price of the product from N950 to N890 per litre by the Dangote refinery.
The National President of PETROAN, Billy Gillis-Hary in an interview on Arise TV monitored by our correspondent welcomed the development and cautioned there was the need for a smooth transition in retail pricing as filling stations had already stocked up products purchased at the previous price, making an immediate reduction in pump prices challenging.
“However, we advocate that anyone purchasing at the new rate from Sunday (today) should ensure that the price change is reflected in their retail outlets,” he said.
