In a significant move aimed at easing economic pressures and promoting affordability, Dangote Petroleum Refinery has announced a fresh reduction in the wholesale price of Premium Motor Spirit (PMS), commonly known as petrol. The new price is now set at N835 per litre, marking a notable decrease from the previous rate of N865 per litre.
This adjustment comes in response to a recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks. The Dangote Refinery, with its state-of-the-art facility boasting a capacity of 650,000 barrels per day, continues to play a pivotal role in Nigeria’s energy landscape by ensuring a steady supply of refined petroleum products.
Speaking on the development, a spokesperson for Dangote Refinery stated, "This price reduction reflects our commitment to supporting Nigerians during challenging economic times. By aligning our pricing with global market trends, we aim to provide relief to consumers and contribute to the stabilization of fuel costs across the country."
This marks the third price adjustment by Dangote Refinery in under six weeks, showcasing the company's responsiveness to market dynamics. Industry analysts have lauded the move as a step toward enhancing energy security and reducing Nigeria's dependence on imported fuel.
As the largest single-train refinery in Africa, Dangote Refinery remains dedicated to driving innovation and sustainability in the downstream petroleum sector. The company urges oil marketers to pass on the benefits of this price reduction to end consumers, ensuring that the impact is felt at the pump.