Lagos, Nigeria — Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025.
In a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Industries Limited (DIL), the price adjustment was described as a strategic effort to provide financial relief to Nigerians amid economic challenges.
Chiejina attributed the reduction to favorable global energy market trends, particularly the recent decline in crude oil prices.
“This move reflects our commitment to ensuring that Nigerian consumers benefit directly from global crude oil price adjustments,” Chiejina stated.
The decision comes shortly after a price increase on January 19 due to rising international oil costs. However, with market conditions shifting, Dangote Refinery has responded swiftly by lowering its pricing structure.
Chiejina highlighted that the reduction would not only alleviate fuel expenses for Nigerians but also have a positive ripple effect on the economy by lowering transportation costs and the overall cost of living.
“By slashing the price of petrol, we aim to stimulate economic activities and reduce the financial burden on households,” he emphasized.
He urged petroleum marketers to fully transfer the benefits of the price reduction to consumers while reaffirming Dangote Refinery’s commitment to supporting President Bola Ahmed Tinubu’s economic transformation agenda.
“This initiative aligns with President Tinubu’s vision to achieve self-sufficiency in refined petroleum production and establish Nigeria as a leading player in the global oil market,” Chiejina added.
The refinery’s move is expected to foster economic stability and growth, making life easier for Nigerians by driving down costs across multiple sectors.
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