Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) to 970 naira per litre from 990 naira.
This was disclosed by Anthony Chiejina, Group Chief Branding and Communications Officer, in a statement published on the company’s Twitter page on Sunday.
Techparley gathered that the move, which takes effect immediately, is expected to cut down fuel cost for Nigerian consumers, who have been grappling with high fuel prices and inflation since the government removed fuel subsidies over a year ago.
The statement reads;
“Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well- being.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Dangote Refinery, owned by billionaire Aliko Dangote, is Nigeria’s largest refinery, with a production capacity of 650,000 barrels per day.
The move could lead to increased competition among oil marketers, potentially driving down prices further.
“The reduction in PMS price by Dangote Refinery is a significant development that could help alleviate the economic hardship faced by Nigerians,” said Aderonke Ogunleti, nation building specialist and community development advocate.
“As the refinery ramps up production, we expect to see further price reductions, which could help curb inflation and boost economic growth,” she added.
The future of oil prices in Nigeria remains uncertain, with global market trends and domestic policy decisions likely to influence prices.
