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Infinity Media
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Dangote Refinery Slashes Petrol Price From N950 To N890 Per Litre
In a major development for Nigeria’s fuel market, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre. This price adjustment takes effect from Saturday, February 1, 2025.
Why the Price Reduction?
According to Anthony Chiejina, spokesperson for Dangote Refinery, this move is a response to favorable trends in the global energy and gas markets and the recent drop 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,” Chiejina stated.
This decision comes just weeks after the refinery slightly increased prices due to a surge in crude oil costs. With the current decline in global oil prices, Dangote Refinery is now passing the benefits to Nigerian consumers.
How Will This Impact Nigerians?
The N60 per litre reduction is expected to bring significant relief to businesses and households across the country. Here’s what this means for Nigerians:
✅ Lower fuel costs: Transportation costs may decrease, making commuting more affordable.
✅ Reduced cost of goods and services: With lower fuel expenses, businesses may reduce the prices of essential commodities.
✅ Boost to economic growth: The overall cost of living could see some relief, benefiting millions of Nigerians.
Call for Collaboration Among Marketers
Dangote Refinery has urged fuel marketers to ensure that this price reduction reaches consumers at the pumps. The refinery emphasized that distributors and marketers must pass on the savings to Nigerians, ensuring that the benefits are widespread.
Supporting Nigeria’s Economic Growth
This price cut aligns with the economic recovery plan of President Bola Ahmed Tinubu, who has been pushing for Nigeria’s self-sufficiency in refined petroleum products. The administration aims to position the country as a key player in the global oil market while ensuring affordability for Nigerians.
With Dangote Refinery playing a leading role in refining petroleum locally, Nigeria is moving closer to reducing its dependence on fuel imports and stabilizing the energy sector.
Final Thoughts
The price drop of petrol from N950 to N890 per litre is a welcome relief for Nigerians struggling with rising living costs. If effectively implemented, this move could help ease inflation, lower business expenses, and improve the overall economic climate.
As fuel marketers adjust their pricing, Nigerians will be watching closely to see how quickly this reduction takes effect at fuel stations nationwide.
🚀 Stay tuned for more updates on fuel prices and economic trends!
