In a significant move aimed at easing the financial burden on Nigerians, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol. Effective from April 16, 2025, the refinery has slashed the ex-gantry price from ₦865 to ₦835 per litre, marking a 3.5% decrease.
Price Reduction Details
The new price adjustment reflects a commitment to providing high-quality petrol at more affordable rates. According to the refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina, this price cut will be implemented across all partner retail outlets, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil. In Lagos, consumers can now purchase petrol at ₦890 per litre, down from the previous ₦920. Other regions have also seen price reductions, with prices ranging from ₦900 to ₦920 per litre, depending on the location.
Impact on the Economy
This price reduction is expected to have a positive ripple effect throughout various sectors of the economy. By lowering fuel costs, transportation expenses are reduced, leading to lower prices for goods and services. This, in turn, can contribute to increased consumer spending and overall economic growth.
Commitment to Consumers
Dangote Refinery’s decision to decrease petrol prices underscores its commitment to supporting Nigerians during challenging economic times. The company has previously implemented similar price cuts, including a ₦125 reduction in February, and continues to focus on ensuring a steady supply of premium-quality petroleum products to meet domestic demand.
Looking Ahead
As the refinery maintains its efforts to stabilize fuel prices, consumers can anticipate continued benefits from these initiatives. The sustained reduction in petrol prices is a welcome development for Nigerians, offering relief and contributing to a more favorable economic environment.
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Written By Fortune Davidson