The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged marketers to lower the price of Premium Motor Spirit ,PMS, also known as petrol.

This move follows the Dangote Refinery’s reduction in the ex-depot price from N950 to N890 per litre.

The refinery announced the price cut in a statement on Saturday, citing the recent decline in global crude oil prices and a positive outlook for the international energy market.

This price reduction comes after the refinery previously adjusted prices upwards in response to rising global crude oil costs.

On December 19, 2024, Dangote Refinery reduced the price of petrol by 7.5% to N899.50 per litre, but on January 17, 2025, it raised the price again to N955 per litre, attributing the increase to rising Brent crude oil prices.

In its latest statement, Dangote Refinery, through Group Chief Branding and Communications Officer Anthony Chiejina, explained that the new adjustment reflects its commitment to transparency and fairness, aligning with fluctuations in global crude oil prices.

The refinery expressed confidence that the price cut would lead to a reduction in petrol costs nationwide, ultimately lowering the prices of goods and services and easing the overall cost of living.

“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,” the statement read.

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It further called on marketers to collaborate in ensuring these benefits are passed on to the Nigerian public.

The refinery also highlighted the importance of supporting the government’s broader economic recovery plan led by President Bola Ahmed Tinubu, aiming for self-sufficiency in refined petroleum products and positioning Nigeria as a major oil export hub.

PETROAN’s National President, Billy Gillis-Hary, acknowledged the price cut as a positive move but noted the challenge of immediate price reductions at retail outlets.

He explained that filling stations had already stocked petrol at the previous price, which makes an instant price drop difficult.

“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 added.

PETROAN reiterated its commitment to collaborating with Dangote Refinery and other stakeholders to ensure fair pricing and sustainability in Nigeria’s downstream petroleum sector.

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