Dangote Petroleum Refinery Slashes Petrol Price to N890 Per Litre
In a move that is expected to bring relief to Nigerian motorists, the Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol. Effective from February 1, 2025, the new price of petrol has been slashed from N950 to N890 per litre.
Reasons Behind the Price Reduction
According to sources, the price reduction is attributed to favorable developments in the global energy sector, particularly a significant decline in international crude oil prices. This downward trend in crude oil prices has created a window of opportunity for Dangote Refinery to adjust its pricing strategy and pass on the benefits to consumers.
Strategy to Align with Market Realities
The price reduction is part of Dangote Refinery’s strategy to align with market realities and ensure that consumers benefit from changes in crude oil prices. By responding promptly to fluctuations in the global energy market, Dangote Refinery aims to maintain a competitive edge and provide value to its customers.
Impact on the Nigerian Economy
The reduction in petrol price is expected to have a positive impact on the Nigerian economy. With lower fuel prices, motorists will enjoy significant savings, which can be channeled into other areas of the economy. Additionally, the price reduction is likely to stimulate economic activity, particularly in the transportation sector, and contribute to the overall growth and development of the country.
The decision by Dangote Petroleum Refinery to reduce the ex-depot price of petrol to N890 per litre is a welcome development that is expected to bring relief to Nigerian motorists. By aligning with market realities and passing on the benefits of lower crude oil prices to consumers, Dangote Refinery has demonstrated its commitment to providing value to its customers and contributing to the growth and development of the Nigerian economy.
