Again, Dangote refinery announces reduction in price of petrol

On Thursday, Dangote Refinery announced a price reduction from N970 per litre to N899.50 per litre for marketers.

The company’s Group Chief Branding and Communication Officer, Anthony Chiejina, disclosed this in a statement on Thursday.

Last month, the company announced a price reduction from N990 per litre to N970 per litre for the marketers. At the time, the company said the reduction was a way to show appreciation for Nigerians and their unwavering support in making the refinery a dream come true.

In its statement on Thursday, the company said the reduction was designed to ease transport costs during the festive period.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on Premium Motor Spirit (PMS). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Mr Chiejina said.

Furthermore, he said that for every litre purchased on a cash basis, consumers can buy another litre on credit backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

The refinery thanked Nigerians for their continued support as the country enters the festive season.

Mr Chiejina emphasised the refinery’s commitment to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, environmentally friendly, and engine friendly.

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He highlighted that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard and ‘blended’ imported products, which have posed significant risks to human health, machinery, and the environment.

In October, Aliko Dangote, founder and president/chief executive of the Dangote Group, said his refinery has more than 500 million litres of petrol in stock, but marketers have not been picking up the product.

Earlier in November, the Independent Petroleum Marketers Association of Nigeria (IPMAN) called on Dangote Refinery to engage stakeholders and review its pricing strategy, saying the refinery prices are higher than other suppliers, making it difficult for independent marketers to sell products.

IPMAN recently reached an important arrangement with Dangote Refinery to directly lift petroleum products for distribution to its members’ depots and retail outlets nationwide.