Dangote Petroleum Refinery declared on February 1, 2025, that the ex-depot price of Premium Motor Spirit (PMS), also referred to as petrol, would drop from ₦950 to ₦890 per litre.
Anthony Chiejina, the company’s Group Chief Branding and Communication Officer, revealed this in a statement on Saturday evening.
“Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025,” Mr Chiejina said.
According to the refinery, this price change reflects continuous changes in the world’s crude oil markets. The worldwide standard, Brent crude, went down from $81 per barrel in early January to $77.48 per barrel as of late January.
Petrol prices for customers are expected to drop due to this cut and the federal government’s initiatives to revitalise the Port Harcourt and Warri refineries, according to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
Marketers will now purchase petrol from Dangote for N890 as a result of the announcement. The ultimate selling price to customers at filling stations will be determined by adding their own costs, including transportation, and their profit margin.
However, at filling stations that purchase from the Dangote refinery, the final selling price to customers is anticipated to drop from roughly N1,000 to about N950.
