In a move that is expected to have a significant impact on the Nigerian economy, Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, February 1, 2025.
Thank you for reading this post, don't forget to subscribe!This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices. According to a statement released by the refinery, this price revision reflects the ongoing fluctuations in global crude oil markets.
It would be recalled that on January 19, Dangote Refinery had implemented a modest increase in the price of petrol due to the previously rising international crude oil prices. However, with the recent decline in global crude oil prices, the refinery has deemed it necessary to adjust the price downward.
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. The refinery expects this move to have a positive ripple effect on various sectors of the economy.
In addition, Dangote Petroleum Refinery is calling upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace. This collective initiative is expected to 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.
The reduction in petrol price by Dangote Refinery is a welcome development, and it is expected to bring relief to Nigerians who have been grappling with the high cost of living. As the refinery continues to play a significant role in the Nigerian oil and gas sector, its commitment to transparency and fairness is commendable.
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