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Petrol Price Drops As Dangote Refinery Cuts Cost

Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre.According to a statement issued by Mr Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Petroleum Refinery, the new price takes effect on Saturday.Chiejina said that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil priceshttps://x.com/DangoteGroup/status/1885780350539878882?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1885780350539878882%7Ctwgr%5E1883dc87da13e176100e52720015ecdad1d88901%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fvon.gov.ng%2Fpetrol-price-drops-as-dangote-refinery-cuts-cost%2FHe explained that this latest move followed a similar decision made on January 19, when a modest price increase was implemented due to rising crude oil costs.Chiejina said with recent global market trends indicating a decline, Dangote Refinery had 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,” he said.He said the reduction would drive 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 refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.Dangote refinery reiterated its support for the economic revival spearheaded by President Bola Tinubu.According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.The refinery’s decision is expected to play a vital role in stabilising the country’s economy.Credit: NAN