#ICYMI: Dangote Refinery Reduces Petrol Price to N890 Per Litre
On Saturday, February 1, Dangote Petroleum Refinery announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre.
The refinery attributes this reduction to a positive outlook in global energy markets and a recent decline in international crude oil prices. According to the company’s official statement, the move aligns with its commitment to transparency and reflects the ongoing fluctuations in global crude oil prices.
Also Read: Dangote to get 12m barrels of crude from the US as local supply challenges persist
Dangote Refinery expects that this price cut will lower petrol costs nationwide, contributing to a decrease in the overall cost of goods and services, thereby easing inflationary pressures. The refinery has also urged petroleum marketers to ensure that the benefits of this price reduction reach consumers.
“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,” the statement read.
The announcement follows a previous adjustment on January 19, when the refinery raised prices due to rising global crude oil costs. The recent reduction signals a positive turn for consumers and businesses struggling with high fuel prices.
