
Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 effective from Saturday, February 1.
The price adjustment comes as a response to favourable developments in the global energy sector as well as a significant decline in international crude oil prices, Dangote Refinery said.
The latest move followed a similar decision made on January 19 when a modest price increase was implemented due to rising crude oil costs, according to the Group Chief Branding and Communications Officer, Dangote Refinery, Anthony Chiejina.
Chiejina said in a statement on Saturday that with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.
He noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader 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,” he said.
He said the reduction would also 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, just as he called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.
“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,” he said.