Dangote Refinery reduces ex-depot petrol price to N890

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, from N950 to N890, effective from Saturday.

According to reports, this price change is a reaction to both a notable drop in the price of crude oil globally and positive developments in the global energy sector. According to Dangote Refinery, its choice to lower the price demonstrates its dedication to conforming to market conditions and making sure that consumers profit from shifts in the price of crude oil globally.

In a statement released by Group Chief Branding and Communications Officer Anthony Chiejina, the Dangote refinery said that this most recent action comes after a similar decision was made on January 19th, when a small price rise was put into effect as a result of increased crude oil prices. However, Dangote Refinery noted that changing its price structure was a brave decision to promote economic relief for Nigerians, given recent global market patterns that indicate a downturn.

Additionally, the statement pointed out that the price cut would drastically lower the cost of gas nationwide, which would have a favourable knock-on effect on the entire economy.

“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 said.

While reaffirming its support for the economic recovery led by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the nation as a leading oil export hub, the refinery has also urged marketers nationwide to make sure that the advantages of the lower price are passed on to the Nigerian public.

“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¸” it noted.

Related Articles

Back to top button