In a significant development for Nigeria's energy sector, the Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol. Effective February 27, 2025, the price has been lowered from ₦890 to ₦825 per litre.
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Strategic Price Adjustment
This latest price cut marks the second reduction by the refinery in February 2025. Earlier in the month, on February 1, the ex-depot price was decreased from ₦950 to ₦890 per litre. The refinery attributes these adjustments to the positive outlook within the global energy and gas markets, as well as the recent decline in international crude oil prices.
A statement from the refinery emphasized that this strategic adjustment aims to provide essential relief to Nigerians, particularly in anticipation of the upcoming Ramadan season. The move also aligns with President Bola Ahmed Tinubu's economic recovery policy, aiming to alleviate the financial burden on the Nigerian populace
Impact on Pump Prices Nationwide
Following the ex-depot price reduction, variations in pump prices are expected across different regions. At MRS Holdings stations, petrol will retail at ₦860 per litre in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East. AP (Ardova Petroleum) and Heyden stations will offer petrol at ₦865 per litre in Lagos, ₦875 in the South-West, ₦885 in the North, and ₦895 in the South-South and South-East
Commitment to Economic Relief
The Dangote Petroleum Refinery has consistently demonstrated its commitment to easing the economic challenges faced by Nigerians. In December 2024, the refinery reduced the price of PMS by ₦70.50, from ₦970 to ₦899.50 per litre, as part of its efforts to provide relief during the holiday season
The refinery assures the public of a steady supply of petrol, with sufficient reserves to meet local demand and surplus capacity for exports. This initiative not only aims to stabilize domestic fuel prices but also contributes to boosting Nigeria's foreign exchange earnings
Encouraging Market Collaboration
In its statement, the refinery called upon petroleum marketers to support this initiative, ensuring that the benefits of the price reduction are passed on to consumers. This collective effort is envisioned to contribute to the broader economic recovery plan led by President Bola Ahmed Tinubu, who is committed to making Nigeria self-sufficient in refined petroleum products and establishing the country as a leading oil export hub
Conclusion
The Dangote Petroleum Refinery's proactive approach in adjusting petrol prices in response to global oil market trends underscores its role in shaping Nigeria's energy landscape. By aligning its pricing strategy with international market dynamics and national economic policies, the refinery plays a pivotal role in mitigating the impact of fuel costs on Nigerian consumers and the broader economy.
As the nation navigates the complexities of the global energy market, such strategic initiatives are crucial in ensuring economic stability and growth.
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