The Dangote Petroleum Refinery has announced a significant reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, across its outlets.
This move has prompted several fueling stations to follow suit, providing much-needed relief to Nigerians amidst economic challenges.
Key Details:
- Price Reduction: The ex-depot price of petrol has been reduced by ₦65, bringing it down from ₦890 to ₦825 per litre. This adjustment took effect on February 27, 2025.
- Reason for the Reduction: The refinery stated that the price cut is aimed at alleviating the financial burden on Nigerians, particularly in anticipation of the upcoming Ramadan season. It also aligns with President Bola Tinubu’s economic recovery policies.
- Impact on Fuel Stations: Partnering fuel stations, including MRS Holdings, Ardova Petroleum, and Heyden, have adjusted their pump prices accordingly. For instance:
- In Lagos, petrol is now sold at ₦860 per litre.
- In the South-West, prices range from ₦870 to ₦875 per litre.
- In the North, prices are set at ₦880 to ₦885 per litre.
- In the South-South and South-East, prices range from ₦890 to ₦895 per litre.
Broader Implications:
This price reduction is expected to ease transportation costs and reduce the overall cost of living for many Nigerians. It also demonstrates Dangote Refinery’s commitment to ensuring a steady supply of petroleum products and supporting the country’s economic recovery.
However, the move has raised concerns among fuel importers, who may face significant financial losses due to the competitive pricing. Some importers have expressed fears that they might be compelled to sell below their cost prices to remain competitive.
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