Dangote Refinery Reduces PMS Price

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday. This adjustment reflects its commitment to ensuring consumers benefit from the favourable developments in the global energy sector, including a significant decline in international crude oil prices.

In a statement by its Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery highlighted that this latest move follows a previous adjustment on January 19, when a modest increase was implemented due to rising crude oil costs. With global market trends now indicating a decline, the company has opted to revise its pricing structure, a decision it describes as bold and aimed at driving economic relief for Nigerians.

The reduction in ex-depot prices is expected to significantly lower the cost of petrol nationwide, generating a positive ripple effect across various sectors. According to the refinery, this development will help reduce the prices of goods and services, thereby easing the overall cost of living. Marketers have been urged to ensure that the benefits of this price adjustment are passed on to consumers.

Dangote Refinery reiterated its support for President Bola Tinubu’s economic revival agenda, which focuses on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub. The refinery stressed its commitment to introducing innovative strategies to safeguard the interests of Nigeria and its citizens while contributing to wider economic recovery efforts.

This development is expected to stabilise the Nigerian economy, ensuring the benefits of lower fuel prices are felt across all sectors and enhancing the purchasing power of citizens.