EconomyNewsNigeriaDangote Refinery Reduces Petrol Price to ₦890 Per Litre

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The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit, commonly known as petrol, from ₦950 to ₦890 per litre.

The price adjustment takes effect from Saturday, 1st February 2025.

A statement issued on Saturday by the refinery’s spokesperson, Anthony Chiejina, described the price review as a “strategic adjustment” influenced by positive developments in the global energy and gas markets, as well as a decline in international crude oil prices.

“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices,” Chiejina stated.

The refinery expressed optimism that the reduction from ₦950 to ₦890 per litre would lead to a “meaningful decrease in the cost of petrol nationwide.”

It added that the development would contribute to lowering the prices of goods and services and reducing the overall cost of living, with positive effects on various sectors of the economy.

Dangote Refinery further called on petroleum marketers to support the initiative by ensuring that the benefits of the price reduction are passed on to Nigerians.

“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,” Chiejina stated.

By Ezinwanne Onwuka (Senior Reporter)

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