Despite ongoing instability in the global oil market, Dangote Petroleum Refinery & Petrochemicals has reaffirmed its commitment to affordable fuel by reducing the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N825 per litre, down from N835.

This decision comes amid a slight drop in global crude oil prices. International benchmark Brent crude fell by 0.53%, trading at $64.18 per barrel, while the US benchmark, West Texas Intermediate (WTI), hovered at $61.64 per barrel.

According to the International Energy Agency (IEA), global supply rose by 160,000 barrels per day in April, reaching 104.46 million barrels daily, contributing to the price dip.

In a statement signed by Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, the company emphasized that maintaining petrol price stability reflects its “unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers.”

“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services,” the statement read.

Dangote Refinery, which operates a 650,000-barrel-per-day facility in Ibeju-Lekki, Lagos, said its efforts directly support President Bola Tinubu’s Renewed Hope Agenda aimed at boosting the economy and citizen welfare.

“We are immensely grateful to His Excellency, President Bola Tinubu for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” Chiejina added.

The company pledged to continue prioritizing affordability, quality, and national interest, assuring stakeholders of its dedication to “operational excellence and national service.”