- Price cut follows decline in global crude oil prices
- Marketers urged to pass savings to consumers
In a significant move aimed at easing economic pressure on 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 refinery, in a statement issued by its Group Chief Branding and Communications Officer, Anthony Chiejina, attributed the price reduction to favourable global energy trends and a decline in international crude oil prices. The company described the move as part of its commitment to ensuring that consumers benefit from fluctuations in crude oil prices.
Fuel Price Drop to Spur Economic Relief
Dangote Refinery emphasized that this price adjustment will significantly lower fuel costs nationwide, creating a ripple effect across key sectors of the economy.
“This reduction from N950 to N890 will lead to a meaningful decrease in the cost of petrol nationwide, ultimately bringing down the prices of goods and services and reducing the overall cost of living,” the statement read.
This latest move follows a modest price increase on January 19, which was implemented due to rising crude oil costs. However, with global oil prices now on a downward trend, Dangote Refinery has chosen to adjust its pricing structure to provide economic relief for Nigerians.
Call for Marketers to Reflect Price Reduction
The refinery urged fuel marketers across the country to ensure that the benefits of this price reduction reach consumers directly. It also reaffirmed its support for President Bola Ahmed Tinubu’s economic agenda, which aims to make Nigeria self-sufficient in refined petroleum products and position the country as a leading oil export hub.
“This collective initiative aligns with President Tinubu’s vision to boost Nigeria’s energy independence and economic recovery,” the statement added.
Dangote Refinery reaffirmed its commitment to introducing innovative strategies that will help stabilize the nation’s fuel supply and support economic growth. The company’s decision is expected to play a crucial role in ensuring that the benefits of lower fuel prices extend across all sectors, fostering stability in the economy.
