February 01, (THEWILL) – Dangote Refinery has announced a reduction in its price of Premium Motor Spirit (PMS), also known as petrol, for marketers.
This is coming less than a month after it reviewed petrol price for marketers lifting products from its refinery from N890 to N950 per litre on January 19.
A statement signed on Saturday by Anthony Chiejina, Group Chief Branding and Communications Officer at Dangote, said the price, which was N950 per litre, has now been dropped to N890.
Chiejina said the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction 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.
“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 added.
The refinery called on oil marketers to collaborate to ensure the benefits are passed on to Nigerians.
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