The Dangote petroleum Refinery has reduced the ex-depot of petrol from N950 to N890 from effective Saturday.
The reduction in price is in response to what the refinery termed favourable developments in the global energy sector and a significant decline in international crude oil prices.
The refinery in a statement by the Group Chief Branding and Communications Officer, Anthony Chiejina said, like in January 19 when the price increased, it is implementing a new price as it drops.
He said, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.
The refinery appealed to marketers across the country to ensure that the benefits of the reduction are passed on to the Nigerians.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.
