The Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, to N970 per litre for marketers. This represents a N20 drop from the previous price of N990 per litre, as confirmed by Anthony Chiejina, spokesperson for the Dangote Group, in a statement on Sunday.
The 650,000 barrels-per-day refinery emphasized its commitment to maintaining high-quality standards and ensuring the sustainability of its petroleum products.
A Gesture of Appreciation
Chiejina noted that the price reduction serves as a gesture of gratitude to Nigerians for their support and to the government for fostering an environment that encourages domestic enterprise.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true,” the statement read. “In addition, this is to thank the government for its support, as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.”
Commitment to Meeting Demand
The refinery reassured Nigerians of its capacity to meet and surpass domestic fuel consumption levels, dismissing fears of any supply shortages. “We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” the statement added.
This development follows an agreement between the refinery and the Independent Petroleum Marketers Association of Nigeria for direct fuel purchase.
Market Context
Currently, petrol is sold at filling stations across Nigeria at prices ranging from N1,060 to N1,115 per litre, making the Dangote Refinery’s reduction a welcome relief for marketers and consumers alike.
