Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit, PMS, commonly known as petrol, from N950 to N890, effective from Saturday.
The Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, Mr Anthony Chiejina, made this known in a statement issued on Saturday.
The adjustment, he said, was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
He said the new reduction in price followed a similar decision made on January 19 when a modest price increase was implemented due to rising crude oil costs.
The spokesman said with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.
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Chiejina said the reduction in price would lower the cost of petrol across the country and bring about a positive ripple effect throughout the broader economy.
His words: “Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide.” He said the reduction would drive 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 refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.
Dangote refinery reiterated its support for the economic revival spearheaded by President Bola Tinubu.
According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
The refinery’s decision is expected to play a vital role in stabilising the country’s economy.
