Nigerian owned oil Refinery, Dangote, on Saturday announced reduction in the ex-depot price of Premium Motor Spirit, Popularly known as petrol, from N950 to N890, effective with immediate effect.
Dangote Group Chief Branding and Communications Officer, Mr Anthony Chiejina, revealed the development in a statement on Saturday in Lagos.
Chiejina in his statement revealed that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
He therefore explained that the latest move followed a decision made on January19 when a modest price increase was implemented 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,” he revealed.
Chiejina added that with the recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
