In a significant move aimed at providing economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective Saturday.
The decision comes amid favourable developments in the global energy sector and a notable decline in international crude oil prices.
According to a statement issued by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, the price adjustment aligns with market realities and ensures that consumers benefit from fluctuations in crude oil prices.
This latest reduction follows an earlier price adjustment on January 19, when the refinery had implemented a modest increase due to rising crude oil costs.
However, with the recent downturn in global oil prices, Dangote Refinery has swiftly responded by revising its pricing structure downward, offering much-needed relief to Nigerians.
The statement emphasized that the N60 per litre reduction is expected to significantly lower the cost of petrol across the country, which in turn will have a positive ripple effect on the broader economy, influencing the prices of goods and services and reducing 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.
The refinery also urged fuel marketers across the country to ensure that the benefits of this price cut are passed on to the Nigerian public, ensuring affordability at the pump.
Furthermore, Dangote Refinery reiterated its support for the economic recovery efforts led by President Bola Ahmed Tinubu, whose administration is focused on achieving self-sufficiency in refined petroleum products and positioning Nigeria 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,” the statement added.
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