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See the Amount Dangote Refinery Slashes Petrol Price to, Boosting Economic Relief for Nigerians

Published by Tope Fakinlede on February 2nd, 2025.

See the Amount Dangote Refinery Slashes Petrol Price to, Boosting Economic Relief for Nigerians

Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), or petrol, from ₦950 to ₦890, effective Saturday. This price cut comes in response to positive shifts in the global energy market and a significant drop in international crude oil prices. The refinery stated that the price reduction reflects its commitment to aligning with market trends and ensuring consumers benefit from global changes in oil prices.

In a statement from Anthony Chiejina, the Group Chief Branding and Communications Officer, the refinery explained that this price adjustment follows a similar change made on January 19, when a slight price increase was implemented due to rising crude oil costs. However, with global market trends now showing a decline, the refinery said this new adjustment aims to provide economic relief to Nigerians.

The statement emphasized that the reduction would lead to a nationwide decrease in petrol prices, positively impacting the broader economy. “The price cut from ₦950 to ₦890 is expected to lower petrol costs across the country, which will, in turn, reduce the prices of goods and services and ease the overall cost of living,” it read.

Dangote Refinery also urged marketers to pass the benefits of the reduced prices on to the public and expressed full support for the economic recovery agenda led by President Bola Tinubu. The refinery reiterated its commitment to helping Nigeria become self-sufficient in refined petroleum products and establish itself as a major oil export hub.

The refinery’s move is seen as an important step in stabilizing Nigeria’s economy, ensuring the benefits of lower fuel prices are felt across all

sectors.