Dangote Petroleum Refinery has revealed a reduction in the ex-depot price of Premium Motor Spirit (PMS), from N950 to N890.
The refinery stated that the price adjustment was in response to favourable developments in the global energy sector. Dangote also pointed to a significant decline in international crude oil prices as a significant factor for the price adjustment.
The statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, gave reasons for the adjustment. Chiejina explained that this latest move follows a similar decision on January 19 when a modest price increase was implemented. He noted that increase was due to rising crude oil costs.
According to him, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure. Thereby providing relief to Nigerians.
He noted that the price reduction would significantly lower the cost of petrol across the country. And a result, generating a positive ripple effect throughout the broader economy.
The statement read, “Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide. Thereby driving 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.”
“The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to Nigerians. Dangote refinery reiterates its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
source: The Nation
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