Headline
Dangote Refinery Slashes Petrol Price to N890 Per Litre
The Dangote Refinery has slashed its ex-depot price for premium motor spirit (PMS), better known as petrol, from ₦950 per litre to ₦890.
In a statement, the company said the move is “effective from Saturday, 1st February 2025”.
The Dangote Group Chief Branding and Communications Officer Anthony Chiejina said the reduction is based on market realities.
“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,” Chiejina said in the statement issued on Saturday night.
OFFICIAL STATEMENT ON THE REDUCTION IN EX-DEPOT PRICE OF PMS
Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
This strategic adjustment is a… pic.twitter.com/4Xhvfr4nPd
— Dangote Group (@DangoteGroup) February 1, 2025
He recalled that Dangote Refinery a few weeks back implemented “a modest increase” in the price of the essential commodity “due to the previously rising international crude oil prices.”
But the spokesman said the most recent “price revision reflects the ongoing fluctuations in global crude oil markets” and the plant’s “unwavering commitment to transparency and fairness”.
The refinery believes the reduction in the ex-depot price will impact the “overall cost of living” in the country.
“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,” Chiejina said.
The Dangote Petroleum Refinery called on marketers to “collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” he added.
The oft-delayed 650,000-barrel-a-day refinery built by Nigerian billionaire Aliko Dangote began producing diesel and aviation fuel in January last year.
The refinery, first scheduled to open in 2021, was officially inaugurated by then-president Muhammadu Buhari in 2023.
Since coming to office in May 2023, President Bola Tinubu has ended long-standing fuel subsidies and floated the naira currency in economic reforms he says will attract foreign investment and build long-term growth.
But in the short term, fuel prices have more than tripled, inflation hit a three-decade high of 34 percent in June 2024 and the naira has collapsed against the dollar, adding to price pressures on imported goods.
Tinubu, represented by Vice President Senator Kashim Shettima at a formal reception in Uyo on Saturday, welcomed the governor and his supporters to the ruling party.
He pledged that Governor Eno would not be abandoned and would have no regrets about joining the APC.
According to Shettima, “The strength of any political party comes not from division, but from unity of purpose. We are here today because we understand that enduring power lies in standing together, not in isolation or internal strife.”
He emphasized that the APC is a party of the people, saying, “We believe in building bridges, not walls; in mending fences, not erecting new ones. Above all, we know that the strength of a political party lies in its people — the people are the party.”
Speaking directly to Governor Eno, Shettima added: “President Tinubu is a bridge-builder and a democrat. Your decision to join the APC is one you will never regret. You will not be humiliated or forsaken. You are home.”
Speaking through Ghana’s Finance Minister at the West Africa Economic Summit (WAES) in Abuja on Saturday, President Mahama warned that economic integration and trade cannot thrive in an atmosphere of political instability.
“Trade cannot flourish where democracy is in retreat. Investment does not land where governance is broken.
“The recent wave of instability and military takeovers in our region is not just a security concern—it is an economic emergency. We must defend democracy as a prerequisite for prosperity.
“Let West African leaders recommit to constitutional order—not as an abstract ideal, but as a practical requirement for growth. We cannot unlock trade while our region is locked in conflict,” Mahama was quoted as saying.
In January 2025, ECOWAS formally acknowledged the withdrawal of Niger, Mali, and Burkina Faso—now members of the Alliance of Sahel States—following tensions rooted in the 2023 Niger coup.
To this end, Mahama called for the creation of an ECOWAS Charter on Democratic Stability and Economic Development, linking good governance with access to regional investment support.
The president urged leaders to recommit to constitutional order as a practical foundation for development, rather than merely a political ideal.
Akpabio said this on Saturday at the Godswill Akpabio International Stadium, Uyo, the Akwa Ibom capital, during the official reception of Umo Eno to the APC.
“Governor Sheriff of Delta State thank you for joining the progressive family and moving the South South in a progressive direction.
“Governor Umo Eno, after you, Rivers State will just tumble, after Rivers State, Bayelsa will join.
“We won election with Governor Otu in Edo State and we produced an amiable Monday Okpebholo, congratulations once again for your victory.”
In April, Eno had hinted at leaving the Peoples Democratic Party, PDP, for APC.
The governor had blamed the internal crisis within the PDP for his decision to leave the party for APC.
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