Dangote Refinery Reduces PMS Price To N825 Per Litre
Dangote Petroleum Refinery & Petrochemicals has announced a second reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, within the current month. The price has been decreased by N65 from the previous rate of N890, resulting in a new price of N825 per litre at the gantry (ex-depot). This follows an earlier reduction of N60 on February 1.
Consequently, the ex-depot price has fallen from N950 per litre in January to the current N825 per litre, marking a total decrease of N125 per litre over a span of 26 days.
This latest price adjustment is expected to lead to petrol prices ranging from N860 to N865 per litre at the pump in Lagos.
In a statement issued by Africa’s first privately owned petroleum refinery, it was confirmed that this price change will take effect on Thursday, February 27, and aims to provide significant relief to the Nigerian populace.
“This strategic price adjustment is intended to offer essential relief to Nigerians in honor of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery initiatives by reducing the financial strain on citizens.
“It is noteworthy that Dangote Petroleum Refinery has consistently lowered petrol and other refined petroleum product prices for the benefit of Nigerians. This marks the second reduction of PMS prices in February 2025, following an earlier decrease of N60 earlier this month. Furthermore, in December 2024, during the holiday season, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to alleviating the cost of living and providing relief to Nigerians during the festive period,” the statement indicated.
The refinery emphasized that previous price reductions have had a positive effect on the overall cost of living, benefiting various sectors of the economy. These adjustments have also helped to prevent the usual fuel shortages and price surges typically associated with the holiday season.
