Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective Saturday, February 1.
The Group Chief Branding and Communications Officer, Dangote Industries Limited (DIL) Anthony Chiejina, in a statement on Saturday said the price reduction was a bold move to drive economic relief for Nigerians.
He added that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
According to him, Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.
Chiejina explained that this latest move followed a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs.
He stated that however, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
He 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.
Chiejina said: “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.”
He also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public while reiterating 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 collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“Dangote Petroleum Refinery’s decision 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,” he said.
Please follow and like us:
