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Feb
Feb
DANGOTE REFINERY CRASHES PETROL PRICE
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Nicolas Adekeye / 3 months
- 0
- 2 min read
In a deft business move, Nigeria’s leading Petroleum Company, Dangote Refinery, has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol. The new price of N890 per litre represents a 60 Naira reduction from the previous price of N950. In a statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that the price reduction is a direct response to the positive outlook in the global energy and gas markets as well as the recent decrease in international crude oil prices. Chiejina stated, “This strategic adjustment reflects the ongoing fluctuations in global crude oil markets… We firmly believe that this reduction will result in a meaningful decrease in the cost of petrol nationwide.” Chiejina noted that the price reduction will have a positive effect on various sectors of the economy, knocking down the prices of goods and services, as well as the overall cost of living. He called upon marketers to collaborate in passing on the benefits of the price reduction to the Nigerian populace. Chiejina emphasized that this initiative will contribute to the wider economic recovery plan led by President Bola Ahmed Tinubu. The price reduction is expected to take effect immediately, with Dangote Petroleum Refinery urging marketers to ensure that the benefits are passed on to consumers.