Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890. This new price is effective from Saturday, February 1, 2025.
In a statement issued on Saturday, the company attributed this price cut to the favorable trends in global energy and gas markets, as well as the recent drop in international crude oil prices.
The Impact of the Price Reduction
Anthony Chiejina, a spokesperson for Dangote Refinery, emphasized that the price revision reflects the refinery’s dedication to transparency and fairness. This adjustment follows the statement made on January 19, when a modest increase in prices was implemented in response to rising international crude oil prices.
Chiejina noted that the price reduction from N950 to N890 is expected to significantly lower petrol costs nationwide, which would, in turn, reduce the prices of goods and services. This would have a beneficial ripple effect across various sectors of the Nigerian economy, contributing to a reduction in the overall cost of living.
Furthermore, Dangote Petroleum Refinery has urged marketers to join in this initiative to ensure that the reduced prices benefit the Nigerian people.
Chiejina also highlighted that this effort aligns with President Bola Ahmed Tinubu’s broader economic recovery plan, which focuses on achieving self-sufficiency in refined petroleum products and positioning Nigeria as a leading oil export hub.
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