Dangote Refinery Reduces Petrol Price to N890 per Litre

Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre. The new price took effect on Saturday, marking a significant shift in the domestic fuel market.

Anthony Chiejina, spokesperson for Dangote Petroleum Refinery, confirmed the price adjustment in a statement issued in Lagos. He attributed the reduction to favourable global energy sector developments and a notable decline in international crude oil prices.

This move follows a previous price adjustment on January 19, when the refinery raised petrol prices in response to rising crude oil costs. However, with the recent decline in global crude prices, the refinery has opted to pass on the benefits to consumers.

The statement emphasized that the price cut would ease the cost burden on Nigerians and positively impact the broader economy. It is expected to drive down the prices of goods and services, ultimately reducing the overall cost of living.

Dangote Refinery urged fuel marketers nationwide to ensure that the reduced price reaches end consumers. The company reaffirmed its commitment to supporting President Bola Tinubu’s economic revival efforts, which aim to make Nigeria self-sufficient in refined petroleum products and position the country as a key player in the global oil market.

Industry analysts believe this decision will contribute to economic stability by easing inflationary pressures and improving affordability for businesses and consumers alike.