Dangote Refinery has lowered the ex-depot price of Premium Motor Spirit (PMS), or petrol, from N950 to N890, starting Saturday.
This announcement was made by Anthony Chiejina, the spokesperson for Dangote Petroleum Refinery, in a statement issued on Saturday in Lagos.
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Mr. Chiejina stated that the price adjustment was made in response to favorable changes in the global energy sector and a significant drop in international crude oil prices.
He explained that this decision follows a similar move on January 19, when a modest price increase was implemented due to rising crude oil costs.
With recent trends in the global market showing a decline, Dangote Refinery decided to once again adjust its pricing, offering relief to Nigerians.
The statement highlighted that the price reduction would substantially lower petrol costs nationwide, creating a positive ripple effect across the economy.
“Dangote Petroleum Refinery believes that lowering the price from N950 to N890 will lead to a notable reduction in the cost of petrol throughout the country,” he said.
He added that the reduction would help lower the prices of goods and services and ease the overall cost of living, benefiting various sectors of the economy.
The refinery urged marketers nationwide to ensure that the reduced price benefits were passed on to Nigerians.
Dangote Refinery also reiterated its support for the economic recovery led by President Bola Tinubu, emphasizing the administration’s goal to make Nigeria self-sufficient in refined petroleum products and establish the country as a leading oil export hub.
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