By Our Reporter

The Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday, February 1, 2025. adsbygoogle || []).push({});

The Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, Mr Anthony Chiejina, said this in a statement on Saturday.

Chiejina said that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.

The News Agency of Nigeria (NAN) quoted Chiejina as saying that this latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.

Chiejina said with recent global market trends indicating a decline, Dangote Refinery had 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,” he said.

He said the reduction would drive 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 refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.

Dangote refinery reiterated its support for the economic revival spearheaded by President Bola Tinubu.
According to the refinery, the Tinubu administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

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Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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By Abah Benjamin Eneojoh

The Executive Governor of Kogi State, Alhaji Ahmed Usman Ododo, reinforced his administration’s commitment to collaborating with the Federal Government on its policies and programs during the groundbreaking ceremony of NNPC’s 5 Mini LNG plants in Ajaokuta on Thursday, January 30, 2025. js">

This groundbreaking ceremony held in Ajaokuta, Kogi State, the Nigerian National Petroleum Company (NNPC) officially launched its ambitious project to establish 5 mini Liquefied Natural Gas (LNG) plants.
The project is expected to transform Nigeria’s energy landscape

Governor Ododo expressed his profound gratitude to President Bola Tinubu for the numerous benefits accruing to Kogi State through the Federal Government’s initiatives. He acknowledged the president’s commitment to transforming Nigeria and appreciated the various initiatives that have positively impacted Kogi State.

Gov Ododo in his words, ” the economic and social benefits of this project cannot be overstated. The establishment of these energy plants will create significant job opportunities, stimulate Local businesses and improve critical infrastructure in our communities” he said.

Governor Ododo’s administration has consistently demonstrated its commitment to collaborating with the Federal Government. For instance, the state government has been working closely with the Federal Ministry of Aviation and Aerospace Development to establish an international airport in Zariagi, which will serve as a hub for economic activities in the region.

Also speaking, the Minister of Steel Development, Hon Shuaibu Abubakar Audu during his presentation, commended His Excellency president Bola Ahmed Tinubu for establishing the 5 mini NNPC Liquefied Natural Gas (LNG) in Ajakuta, Kogi State.

He noted that if the project is completed, it would massively lead to the creation of jobs which will contribute to the GDP of Kogi State.

He called for collaboration and peaceful coexistence with the host communities for enhanced productivity.
The 5 mini Gas Plants include: PRIME LNG, INGML/GASNEXUS LNG, LNG ARETE, HIGHLAND LNG and BUA LNG

As Governor Ododo continues to champion the cause of collaboration and development in Kogi State, the people of the state can expect to see more initiatives and projects that will drive economic growth, improve living standards, and position the state as a key player in the national development agenda.

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Many have attributed the unstable prices of house commodities culminating in untold hardship to the fluctuating cost of fuel as a result of dollar fluctuation. This is as a result the sale by the Federal Government of Crude Oil to both foreign and local refineries. adsbygoogle || []).push({}); com/pagead/js/adsbygoogle.js">

However, The Federal Government says it will begin crude oil sales in Naira to Dangote Refinery and others in October.

This is according to a statement by the Director Press and Public Relations, Federal  Ministry  of  Finance and Economic Planning,  Mr Mohammed Manga in Abuja on Monday, August 19th. 2024.

Manga said that the inaugural meeting with the implementation committee which was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun is to fast track the transaction.

“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.

“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in Naira with a view to enhancing Nigeria’s economic growth and development,” he said.

He said that the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from Oct. 1.

According to him,  key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),  the Central Bank of Nigeria (CBN).

He said that the   Nigerian Upstream Petroleum Regulatory Commission (NUPRC).and the African Export-Import Bank (Afreximbank).were  also. assigned roles to ensure smooth implementation.

“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.

Meanwhile, Edun said that the transaction  would mark a significant milestone in country’s economic transformation.

He emphasised the need for transparency and directed the Technical Sub-Committee to finalisr details as well as prepare a report for the president, confirming that his directives were on track for implementation from September.

“ With the implementation committee’s progress, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira.

“The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.

“As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity,”  he said.

Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Chairman of the Technical Sub-Committee, reported that the first Premium Motor Spirit (PMS) delivery from Dangote is expected in September.

Source: NAN

Author Profile

Abdulrahman Obaje

Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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