Business
Dangote Refinery Reduces PMS Price From N990 to N970 as a Year-End Thanks to Nigerians
In a move aimed at easing fuel costs for Nigerians, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from N990 per litre to N970.
This change is due to the year drawing to a close, reflecting the refinery’s gratitude to Nigerians for their continuous support and the government’s efforts in fostering local enterprise.
The statement released by the refinery emphasizes the company’s commitment to quality and sustainability.
“This is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a reality,” it reads.
The company also showed its appreciation for the government’s backing, noting that the reduction aligns with measures to bolster domestic enterprise for national growth and well-being.
The Dangote Refinery, a groundbreaking project in Africa’s oil and gas industry, has positioned itself as a key player in Nigeria’s energy sector.
Launched to address the nation’s dependence on imported petroleum products, the facility is the largest single-train refinery in the world, capable of refining 650,000 barrels of crude oil daily.
This capacity is expected to significantly impact Nigeria’s fuel supply, reducing import dependency and ensuring stable availability.
The refinery reassured Nigerians of its determination to ramp up production to not only meet but surpass the country’s fuel consumption demands.
“We assure you of best quality products that are environmentally friendly and sustainable,” the statement added.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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