26
Feb
Feb
DANGOTE CRASHES PMS PRICE BY N65 TO N825 PER LITRE
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CapitalTimesNews / 1 week
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- 2 min read
Dangote Petroleum Refinery & Petrochemicals has again slashed the price of Premium Motor Spirit (PMS), or petrol, by N65, from N890 to N825 per litre at the gantry (ex-depot). This is the second price reduction by the refinery this month, following a N60 reduction on February 1. The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days. This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos. According to a statement from the refinery, the price adjustment will take effect from Thursday, February 27, and is intended to provide essential relief to Nigerians. “This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.” The refinery highlighted that previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy. They also helped ensure that Nigerians did not experience the typical fuel scarcity and price hikes associated with the yuletide season. Dangote reiterated that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners—MRS Holdings, AP (Ardova Petroleum), and Heyden—at market-friendly rates. The refinery assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange earnings. The refinery called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort. Dangote Petroleum Refinery, which has exported its products to Europe, America, Asia, and other regions, recently supplied jet fuel to Saudi Arabia. The refinery has confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days. Additionally, the refining capacity of the 650,000 barrel per day refinery has surpassed Nigeria’s average daily requirement of 385,000 barrels.