In a significant move to ease the financial burden on Nigerian consumers, Dangote Petroleum Refinery has announced a price reduction.
Starting Saturday, February 1, 2025, the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, will decrease.
The new price will fall from N950 to N890 per litre, providing relief to consumers.
This decision directly responds to favorable trends in the global energy and gas markets.
Additionally, a recent decline in international crude oil prices influenced this adjustment.
On January 19, the refinery had previously indicated a modest price increase due to rising crude oil costs, highlighting the volatile nature of the global oil market.
Furthermore, Dangote Petroleum Refinery emphasized that this new pricing structure reflects its commitment to transparency and fairness.
The reduction is anticipated to have a cascading effect on the cost of goods and services nationwide, potentially alleviating the overall cost of living for many Nigerians.
A spokesperson for the refinery stated, “We believe this reduction will benefit consumers and stimulate economic activity.”
By lowering transportation costs, the adjustment enhances the affordability of essential goods.
The company has urged fuel marketers to collaborate effectively to ensure that the benefits reach the Nigerian populace.
Moreover, this initiative aligns with the broader economic recovery plan led by President Bola Ahmed Tinubu.
His focus on achieving self-sufficiency in refined petroleum products aims to establish Nigeria as a leading oil export hub.
The government’s commitment to enhancing domestic refining capacity is crucial for stabilizing the economy and reducing dependency on imported fuel.
As Nigeria navigates the complexities of the global oil market, Dangote Petroleum Refinery’s proactive approach highlights its vital role in the energy sector.
The refinery aims to foster economic growth and improve living standards for its citizens through these initiatives.
The public should actively monitor further developments from the refinery for the latest updates and changes.
By engaging with local fuel marketers, consumers can help ensure that the benefits of this price reduction reach everyone.
