In a move aimed at providing economic relief, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), or petrol, from N950 to N890, effective Saturday.
The price cut is a response to favorable developments in the global energy sector, including a sharp drop in international crude oil prices. Dangote Refinery explained that this decision reflects its commitment to aligning with market dynamics and ensuring that consumers benefit from the global shift in oil prices.
According to a statement from the Group Chief Branding and Communications Officer, Anthony Chiejina, this price adjustment follows a similar decision made on January 19, when a price hike was implemented due to rising crude oil costs. However, with recent global market trends indicating a decline, Dangote Refinery emphasized that the price reduction is designed to provide much-needed economic relief to Nigerians.
The refinery also highlighted that the price drop would significantly reduce petrol costs nationwide, generating a ripple effect across the broader economy. “This reduction from N950 to N890 will lead to lower petrol prices, subsequently driving down the cost of goods, services, and overall living expenses, positively impacting various sectors,” the statement said.
Dangote Refinery has urged marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reaffirming its support for the economic revival under President Bola Tinubu’s administration. The government is focused on achieving self-sufficiency in refined petroleum products and positioning Nigeria as a leading oil export hub.
