Dangote Petroleum Refinery on Saturday reacted sharply to the trending decline in international crude oil prices.
The refinery announced an adjustment to its ex-depot price of petrol, from N950 to N890, effective from Saturday, February 1.
A statement from Dangote Petroleum Refinery, issued by the Group’s Chief Branding and Communications Officer, Anthony Chiejina, said that the price adjustment was in response to favourable developments in the global energy sector.
Mr Chiejina said that this latest move follows a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs.
However, 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.