Dangote Petroleum Refinery has announced a reduction in the ex-sports of Premium Motor Spirit (PMS), commonly known as gasoline, from N950 to N890, starting on Saturday.
It is said that this price adjustment is in response to favorable developments in the global energy sector and a significant decrease in international crude prices. Dangote Refinery said that his decision to block the price reflects his commitment to align with market realities and ensure that consumers benefit from changes in international prices of crude oil.
Dangote Refinery, in a statement issued by the group director of the group and the communications officer, Anthony Chiejina, explained that this last movement follows a similar decision made on January 19, when a modest price increase was implemented due to the increase in The costs of crude. However, with recent global market trends that indicate a decrease, Dangote Refinery added that adjusting its price structure was a bold movement to boost economic relief for Nigerians.
The statement also noted that price reduction would significantly reduce the cost of gasoline throughout the country, generating a positive domain effect throughout the economy in general.
Also read: Dangote Refinery sacrifices the profit margins to protect the fuel prices.
“The Dangote oil refinery firmly believes that this reduction from N950 to N890 will result in a significant decrease in the cost of gasoline throughout the country, which will reduce the prices of goods and services, as well as the general cost of Life, with a positive domain effect in several sectors of the economy, ”said the statement.
The refinery has also asked sellers from all over the country to ensure that the benefits of reduced price are transferred to the Nigerian public while reiterating their support for the economic revival headed by President Bola Tinubu, whose administration focuses on making Nigeria Nigeria self -sufficient in refined oil products and positioning the country as a leading oil export center.
“This collective initiative will contribute to the broader economic recovery plan led by its excellence, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self -sufficient in refined oil products and positioning the country as a leading oil export center” , he said.
He stressed that Dangote's oil refinery would continue to introduce innovative strategies aimed at safeguarding the interests of Nigeria and its citizens.
Dangote Petroleum Refinery's decision is expected to play a vital role in stabilization of the country's economy, ensuring that the lowest prices of the fuel feel in all sectors.
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