Dangote Refinery crash PMS ex-depot price to N890

Dangote Petroleum Refinery at the weekend announced a reduction in the ex-depot price of Premium Motor Spirit (PMS) otherwise known as petrol, from N950 to N890.

The company said the price adjustment was necessitated by favourable developments in the global energy sector and a significant decline in the prices international crude oil.

Group Chief Branding and Communications Officer, Anthony Chiejina said in a statement that this latest move follows a similar decision on January 19 when a modest price increase was implemented 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, providing relief to Nigerians.

The statement also said that “the 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, 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 company called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerians while reiterating 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.

“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it said.

By Tony Akowe