By Damilola Olufemi
The Dangote Petroleum Refinery has reduced the loading price of Premium Motor Spirit (PMS), also known as petrol from N950 to N890.
The refinery’s spokesperson, Anthony Chiejina, made this known in a statement on Saturday, adding that the reduction takes effective from Saturday, 1st February 2025.
He noted that the 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.
Chiejina explained that the price reduction demonstrates the refinery’s unwavering commitment to transparency and fairness.
Read also: Marketers may abandon Dangote for less-costly imported petrol
He further noted that it shows 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.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.
The statement partly read, “In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort to ensure that these benefits are passed on to the Nigerian populace.”
New Daily Prime reported that Oil marketers in Nigeria have revealed a significant reduction in the landing cost of Premium Motor Spirit (PMS) as of Friday, with the price dropping to N922.65 per litre, down N32.35 from the N955 per litre at the Dangote Petroleum Refinery.
This decrease has sparked fresh debates about the ongoing price structure of petrol in the country and the role of oil imports in Nigeria’s energy market.
Marketers say the drop in landing cost reflects a reduction in expenses like shipping, import duties, and exchange rates, which could help drive the profitability of petrol imports.
Despite the decrease in the cost of importing the fuel, the retail price of petrol remains high in Nigeria, with major marketers selling it between N990 and N1,010 per litre in the Federal Capital Territory.
A key aspect of the price reduction is the drop in the cost of Brent crude oil, which was quoted at $78.29 per barrel on Friday.
This, coupled with an exchange rate of N1,550 per dollar, has helped to make imported petrol more affordable. However, despite this relief, the retail prices remain elevated, and marketers have expressed interest in returning to petrol imports due to the lower cost of sourcing the product.
