In a move aimed at providing economic relief to Nigerians, Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective Saturday.
This price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.
According to a statement from Dangote Petroleum Refinery, this latest move follows a similar decision made on January 19, when a modest 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 statement 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/litre 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 said.
Dangote Refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public.
The refinery reiterated its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
This price reduction is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.
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