The Petroleum Products Retail Outlets Owners Association of Nigeria has called on marketers to reduce the price of Premium Motor Spirit, PMS commonly known as petrol, due to the reduction in the ex-depot price of the product from N950 to N890 per litre by the Dangote refinery.
The Dangote refinery announced the reduction in the ex-depot price in a statement on Saturday.
The refinery stated that the price cut was influenced by the recent decline in global crude oil prices and a positive outlook in the international energy market.
FCNN gathered that the reduction comes weeks after the refinery adjusted its prices upward due to earlier increases in global crude oil costs.
FCNN recalled that on December 19, 2024, the refinery announced a reduction in the price of petrol by 7.5 per cent to N899.50 per litre.
And on January 17, 2025, the refinery increased the fuel price from N899.50 to N955 per litre, citing the rising cost of brent crude oil as a major factor.
Announcing the new price adjustment in a statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, on Saturday, the refinery disclosed that the change aligned with its commitment to transparency and fairness, reflecting fluctuations in the global crude oil market.
The refinery expressed confidence that the price reduction would contribute to lowering petrol costs nationwide and easing the prices of goods and services.
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“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.
“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.
“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,” the statement read.
The National President of PETROAN, Billy Gillis-Hary, pointed out that while the price cut was a welcome development, there was the need for a smooth transition in retail pricing.
The PETROAN president explained that filling stations had already stocked up products purchased at the previous price, making an immediate reduction in pump prices challenging.
“However, we advocate that anyone purchasing at the new rate from Sunday (today) should ensure that the price change is reflected in their retail outlets,” he said.
PETROAN reaffirmed its commitment to working with Dangote refinery and other stakeholders to ensure fair pricing and sustainability in the downstream petroleum sector.
