In a strategic 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. This price adjustment takes effect from Saturday, signaling a proactive response to favorable shifts in the global energy sector and a notable decline in international crude oil prices.

According to a statement issued by Dangote Petroleum Refinery’s Group Chief Branding and Communications Officer, Anthony Chiejina, the price reduction reflects the company’s commitment to aligning with current market dynamics and ensuring that consumers directly benefit from global crude oil price fluctuations. This move follows an earlier adjustment on January 19, when a modest price increase was necessitated by rising crude oil costs.

“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 has urged marketers across the country to ensure that the benefits of this reduced price are passed on to Nigerian consumers. Additionally, Dangote Petroleum Refinery reiterated its support for the economic revival initiatives led by President Bola Ahmed Tinubu, whose administration is focused on achieving self-sufficiency in refined petroleum products and establishing 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.

Dangote Petroleum Refinery’s decision is expected to play a pivotal role in stabilizing the Nigerian economy, ensuring that the positive impacts of lower fuel prices are felt across all sectors.

Source: Dangote Corporate Communication