By For the second time this month, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N890 to N825 per litre.
This follows an earlier N60 reduction on February 1, a move the company says is aimed at easing the financial burden on Nigerians, especially during the Ramadan season. The adjustment also aligns with President Bola Tinubu’s economic recovery plan.
With this latest cut, petrol pump prices in Lagos are expected to drop to between N860 and N865 per litre, bringing slight relief to consumers.
In January, the ex-depot price stood at N950 per litre. Now, with a total reduction of N125 within 26 days, the cost of petrol continues to decline.
The refinery’s latest price slash is expected to impact transportation and goods pricing, although many Nigerians still hope for more significant relief.
Industry analysts say further reductions may be possible if market conditions remain favorable, but concerns persist over fuel affordability amid economic challenges.
