Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday – yesterday, February 1.
Mr Anthony Chiejina, the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, said this in a statement yesterday in Lagos.
Chiejina said the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices, explaining that the latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.
Chiejina said with recent global market trends indicating a decline, Dangote Refinery had to adjust its pricing structure, providing relief to Nigerians.
According to him, the new price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide,” he said, predicting it would, in addition, drive 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 called on marketers across the country to ensure that the benefits of the reduced price are passed on to Nigerians.
The News Agency of Nigeria (NAN) reports that the refinery’s decision is expected to significantly contribute to stabilising the country’s economy.
