Dangote Refinery Crashes Ex- Depots Price Of PMS To N890

Posted on February 1, 2025

In a bold move to drive economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday.

This price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.

Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.

A statement from Dangote Petroleum Refinery, issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs.

However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“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 statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“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,” it added.

Dangote Petroleum Refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

PAUL NWOSU  In his 8-year governance of Anambra State, Chief Willie Maduabuchi Obiano created... Continue
PAUL IYOGHOJIE Operatives of the Nigeria Police Special  Fraud Unit, Ikoyi, Lagos have arrested... Continue
The New Media Conference (NMC) has announced a stellar lineup of speakers for its... Continue
PAUL IYOGHOJIE A businessman, Adeyemi Akeem Ademola, 56, has been arrested by the operatives... Continue
Telecommunications giant, Globacom, has pledged to support the Ondo State Government with innovative digital... Continue
The Media Integrity Initiative Africa (MIIA) has announced the schedule and faculty for its... Continue
With over 56 million subscribers, Airtel may be Nigeria’s second-biggest telco, but mobile money-wise, it... Continue
BY SEUN OLOKETUYI When Zacch Adedeji assumed office as Executive Chairman of the Federal... Continue
Following the breakout success of Iyanu’s first season, the epic franchise returns with an... Continue
The Africa’s Business Heroes (ABH) Prize Competition, a flagship philanthropic initiative of Alibaba Philanthropy,... Continue

UBA


Access Bank

Twitter

Sponsored