Dangote Petroleum Refinery has announced a reduction in price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective Saturday, February 1.
In a statement issued on Saturday, the Group Chief Branding and Communications Officer of Dangote Industries Limited (DIL), Anthony Chiejina, described the price cut as a strategic move aimed at providing economic relief to Nigerians.
He explained that the adjustment was driven by favorable developments in the global energy sector, including a decline in international crude oil prices.
“This reduction reflects Dangote Refinery’s commitment to aligning with market realities and ensuring consumers benefit from changes in international crude oil prices,” Chiejina stated.
The latest price cut follows a previous adjustment on January 19, when a modest increase was implemented due to rising crude oil costs. However, with recent global market trends indicating a decline, Dangote Refinery has responded by lowering its pricing structure.
Chiejina emphasized that the reduction would significantly lower the cost of petrol nationwide, leading to a ripple effect on the broader economy by reducing transportation costs and the overall cost of living.
“Dangote Petroleum Refinery firmly believes that this reduction will drive down the prices of goods and services, as well as the overall cost of living, with positive effects across various sectors,” he said.
He urged petroleum marketers to pass on the benefits of the reduced price to consumers while reaffirming Dangote Refinery’s support for President Bola Tinubu’s economic revival agenda.
“This initiative aligns with President Bola Ahmed Tinubu’s vision of making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” Chiejina noted.
The refinery’s decision is expected to contribute to economic stability by ensuring that the benefits of lower fuel prices are widely felt across the nation.
RN
