Unprecedented! Dangote Refinery Cuts Petrol Price To Just N890

Unprecedented! Dangote Refinery Cuts Petrol Price To Just N890

In a significant step to alleviate economic pressures 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 liter, effective February 1, 2025.

This price change comes as a response to favorable trends in the global energy market and a substantial drop in international crude oil prices.

The refinery’s decision underscores its dedication to reflecting current market conditions and ensuring consumers benefit from fluctuations in global crude oil prices.

According to a statement from Dangote Petroleum Refinery, released by the group’s Chief Branding and Communications Officer, Anthony Chiejina, this latest announcement follows a price increase implemented on January 19, which was necessary due to rising crude oil costs. However, with recent declines in the global market, the refinery has adjusted its pricing strategy to provide relief to the public.

The statement emphasized that this price reduction is expected to substantially decrease petrol costs nationwide, creating a positive impact throughout the broader economy. “Dangote Petroleum Refinery strongly believes that this decrease from N950 to N890 per liter will lead to a significant drop in petrol prices across the country, ultimately lowering the costs of goods and services, in addition to the overall cost of living, eliciting a positive ripple effect across various economic sectors,” the statement noted.

Moreover, the refinery has urged marketers nationwide to ensure that the advantages of the lower price are passed on to consumers. It reiterated its support for the economic recovery plan led by President Bola Tinubu, whose administration is striving to make Nigeria self-sufficient in refined petroleum products and establish the country as a prominent oil export hub.

“This collective effort will significantly contribute to the broader economic recovery initiative spearheaded by His Excellency, President Bola Ahmed Tinubu, who is committed to ensuring Nigeria’s self-sufficiency in refined petroleum and enhancing its status as a leading oil exporter,” it continued.

The decision by Dangote Petroleum Refinery is anticipated to play a crucial role in stabilizing the nation’s economy, ensuring that the benefits of reduced fuel prices are experienced across all sectors.

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