Dangote Petroleum Refinery has boldly lowered the ex-depot price of Premium Motor Spirit (PMS), sometimes referred to as petrol, from N950 to N890, with effect from Saturday, in an effort to provide economic relief for Nigerians. A substantial drop in the price of crude oil internationally and positive developments in the global energy sector have prompted this pricing adjustment.
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The choice made by Dangote Refinery demonstrates its dedication to taking into account market conditions and making sure that consumers profit from shifts in the price of crude oil globally. This current action comes after a similar decision was made on January 19th, when a slight price rise was adopted due to rising crude oil costs, according to a statement from Dangote Petroleum Refinery, which was released by Anthony Chiejina, the Group Chief Branding and Communications Officer.
However, Dangote Refinery has once again changed its price structure in response to recent global market patterns that show a reduction, which has helped Nigerians. Additionally, the statement pointed out that the price cut would drastically cut the cost of gas nationwide, which would have a favourable knock-on effect on the entire economy. According to the statement, “Dangote Petroleum Refinery is adamant that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, which will have a positive ripple effect on various sectors of the economy by driving down the prices of goods and services as well as the overall cost of living.”
While reaffirming its support for the economic recovery led by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the nation as a leading oil export hub, the refinery has also urged marketers nationwide to make sure that the advantages of the lower price are passed on to the Nigerian public.
It also stated, “This group effort will support the broader economic recovery strategy spearheaded by His Excellency, President Bola Ahmed Tinubu, who is committed to establishing Nigeria as a major oil export hub and achieving self-sufficiency in refined petroleum products.” The decision made by Dangote Petroleum Refinery is anticipated to be crucial in balancing the national economy and guaranteeing that all industries profit from lower gasoline prices.
