*Anthony Chiejina, Group Chief Branding and Communications Officer at Dangote Industries Limited, says Dangote Refinery ‘firmly believes’ the reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol to reduce prices of goods and services, and the overall cost of living in Nigeria

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The Dangote Petroleum Refinery has crashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from previous N950 to N890, effective from Saturday, February 1, 2025.

The oil-refining company said the move was aimed at bringing economic relief for Nigerian consumers.

Mr. Anthony Chiejina, Group Chief Branding and Communications Officer, who disclosed this development in a statement at the weekend, said the latest price adjustment was in response to favourable developments in the global energy sector, and a significant decline in international crude oil prices.

The statement also noted: “Dangote Refinery鈥檚 decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.” Chiejina further explained that this latest move follows a similar decision the company made January 19, when it implemented a “modest price increase” 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, stated the Group Chief Branding and Communications Officer.

According to him, the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

The statement noted: “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.”

Fuel marketers should reflect new retail price: Dangote Refinery

Dangote Refinery as well urged oil marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public.

The company equally reiterated its support for the economic revival spearheaded by President Bola Ahmed Tinubu, “whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.”

Chiejina stated: 鈥淭his 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.”

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