Dangote refinery reduces petrol price to N890 per litre

Dangote Petroleum Refinery has reduced its ex-depot price for premium motor spirit (PMS), also known as petrol, from N950 per litre to N890.

Anthony Chiejina, group chief branding and communications officer, announced the reduction in a statement on Saturday.

“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,” the statement reads.

“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.

“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 refinery called on oil marketers to collaborate to ensure the benefits are passed on to Nigerians.

Dangote refinery said the collective initiative will contribute to the wider economic recovery plan led by, President Bola Ahmed Tinubu.