A statement, on Saturday, issued by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina,  said the move is “effective from Saturday, 1st February 2025”.

“Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices”, he said.

According to the company, the latest move follows a similar decision made on 19th January, when a price increase was implemented due to rising crude oil costs.

“However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.”

The company also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“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 added.

Below is full statement: