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The Dangote Petroleum Refinery has reduced its ex-depot (gantry) price of Premium Motor Spirit (PMS), otherwise known as petrol, from ₦950 to ₦890 per litre.
The development was announced in a statement issued on Saturday night by the Group Chief Branding and Communications Officer, Anthony Chiejina.
According to the statement, the strategic adjustment was a direct response to the positive outlook within the global energy and gas markets.
It also cited the recent reduction in international crude oil prices as the reason for the decision.
This change takes immediate effect from today, Saturday, 1st February 2025.
According to the statement: “Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit, commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.”
In other news, the retail price of Premium Motor Spirit, petrol, has increased to between ₦1,030 and ₦1,150 per litre following a hike by Dangote Refinery and ex-depot prices of the product.
On Friday, The Eastern Updates reported that the $20 billion Dangote Refinery announced a fresh ex-depot price hike from ₦899 per litre to ₦955 per litre.
According to an email sent to its customers, Dangote Refinery confirmed the new price regime, noting that marketers buying between two million and 4.99 million litres would now buy at ₦955/litre, while five million litres and above would buy at N950/litre.