The Dangote Petroleum Refinery has announced a reduction in the price of its Premium Motor Spirit, lowering it from N990 per litre to N970 per litre. This new price will be the rate at which oil marketers purchase the product from the refinery, which takes effect immediately.

In a statement issued by Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Group, the price adjustment was described as part of the company’s end-of-year initiative to give back to the nation. Chiejina said, “As the year ends, 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,” the statement read.

Chiejina emphasized that the refinery would not compromise on the quality of its petroleum products, assuring Nigerians that they would continue to receive top-quality, environmentally friendly, and sustainable products. He also stated, “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,” the statement concluded.”

The facility, touted as the largest single-train refinery in the world, has significantly bolstered domestic production capacity, reducing dependence on imported petrol. The price reduction is expected to have a ripple effect on the Nigerian economy, particularly in alleviating the financial burden on consumers amid rising inflation.