Dangote Petroleum Refinery has announced its reduction of the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 from Saturday.
In a communication, the refinery said the price adjustment was in consequence to decline in international crude oil prices.
The statement issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, noted that market forces is behind the price reduction just like the same forces informed the company’s decision on January 19 to increase price due to rising crude oil costs.
“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.
It said further: “The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerians 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.”