Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦950 to ₦890.
This adjustment, which took effect on Saturday, reflects changes in the global energy market, particularly the decline in international crude oil prices.
In a statement released by the refinery, the company emphasized its commitment to market-driven pricing, ensuring that Nigerians benefit from favorable shifts in crude oil costs.
Market Trends Influence Pricing Adjustment
According to Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Refinery, this latest reduction follows a previous price hike on January 19, which was necessitated by rising crude oil prices at the time. However, with a downward trend in global oil prices, the company has opted to pass on the cost savings to consumers.
“Given the current developments in the international market, where crude oil prices have dropped, we have decided to adjust our pricing structure accordingly. This move is aimed at easing the financial burden on Nigerians and supporting economic stability,” Chiejina stated.
Impact on the Economy and Consumer Benefits
The refinery highlighted that the price cut is expected to have a significant impact on the broader economy, potentially leading to reduced transportation costs and lower prices for goods and services. By making petrol more affordable, the refinery aims to contribute to lowering the cost of living for Nigerians.
“This reduction from ₦950 to ₦890 is expected to translate into lower petrol prices nationwide, ultimately reducing the cost of transportation and essential commodities. This, in turn, will positively affect various sectors of the economy and improve the overall financial well-being of citizens,” the statement noted.
Call for Compliance from Marketers
Dangote Refinery has urged petroleum marketers to ensure that the price reduction is effectively passed down to consumers. The company reiterated its support for the economic policies of President Bola Ahmed Tinubu’s administration, which is focused on achieving self-sufficiency in refined petroleum production and positioning Nigeria as a key player in the global oil market.
“This initiative aligns with the broader economic recovery strategy led by His Excellency, President Bola Ahmed Tinubu, whose vision is to make Nigeria self-reliant in refined petroleum production. We believe that this development will contribute to stabilizing the local energy sector and reinforcing Nigeria’s role as a major exporter of petroleum products,” the statement added.
The recent price adjustment by Dangote Refinery underscores the impact of global oil market dynamics on local fuel pricing and highlights the refinery’s role in ensuring competitive pricing for Nigerian consumers. As international crude oil prices continue to fluctuate, further adjustments may be expected in the future.
