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Dangote Refinery’s Price Cut: A Lifeline for Nigerians Amid Economic Struggles

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Dangote Refinery’s Price Cut: A Lifeline for Nigerians Amid Economic Struggles

Jerry Adesewo

For many Nigerians, the cost of fuel is more than just a number—it dictates the price of food, transportation, and even their ability to earn a living. The recent reduction in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery, from N950 to N890 per litre, is not just a corporate decision—it is a much-needed relief for struggling households.

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This move, which came into effect on Saturday, comes at a time when Nigerians are grappling with the rising cost of living, driven largely by fuel prices and inflation. By passing on the benefits of declining international crude oil prices to consumers, Dangote Refinery is reinforcing its commitment to economic stability and public welfare.

A History of Supporting Nigerians

This is not the first time the Dangote Group has stepped in to provide relief when Nigerians needed it most. Over the years, the company has invested heavily in food production, infrastructure, and employment opportunities, ensuring that millions of people benefit directly and indirectly from its initiatives. From massive donations of food supplies to humanitarian support during crises, the Dangote Foundation has consistently played a role in mitigating economic hardship.

Now, with this reduction in fuel prices, Dangote is once again taking a bold step to ease financial burdens for everyday Nigerians. The cost of transportation, which skyrocketed after fuel subsidies were removed, is expected to stabilise, leading to a gradual reduction in the prices of goods and services. For traders, taxi drivers, and small business owners who rely heavily on petrol, this price cut offers a glimmer of hope.

A Call for Marketers to Pass the Benefit to Nigerians

In a statement issued by Anthony Chiejina, the Group Chief Branding and Communications Officer, the Dangote Petroleum Refinery urged fuel marketers to ensure that the price reduction benefits the Nigerian public. This is crucial, as previous reductions in ex-depot prices have not always translated into lower retail prices for consumers. If properly implemented, this initiative could help curb inflationary pressures, giving families more spending power and boosting overall economic activity.

Furthermore, this move aligns with the economic revival plan of President Bola Ahmed Tinubu, which aims to make Nigeria self-sufficient in refined petroleum products. The Dangote Refinery, as Africa’s largest, plays a critical role in reducing dependence on fuel imports, ensuring that Nigeria retains more of its foreign exchange earnings while positioning itself as a major oil export hub.

Hope for a More Affordable Future

As the price reduction takes effect, Nigerians across the country will be watching closely, hoping that this is the start of a sustained downward trend in fuel costs. The impact of fuel prices extends far beyond the pump—it affects food prices, transportation, electricity, and the cost of running businesses. A long-term commitment to stabilising fuel prices could bring real economic relief to millions.

With this latest intervention, the Dangote Group once again proves that corporate leadership goes beyond profit-making. It is about understanding the struggles of everyday Nigerians and taking action to improve their lives.

 

Dangote Refinery’s Price Cut: A Lifeline for Nigerians Amid Economic Struggles

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