Dangote refinery announces Reduction in Petrol Price

On Sunday, Dangote Refinery announced that it had reduced the wholesale price of petrol to N970 per liter for marketers, signifying a decrease from the previous price of N990 per liter.

Anthony Chiejina, the company’s Group Chief Branding and Communication Officer, made the announcement in a statement released on Sunday.

The company said the reduction is a way of appreciating Nigerians for their unwavering support in making the refinery a dream come true.

“Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.

“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.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement said.

Mr Chiejina said the refinery would not compromise on the quality of its petroleum products while assuring Nigerians of the best quality products that are environmentally friendly and sustainable.

“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,” he said.

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 the month, 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.

Last week, IPMAN reached an important arrangement with Dangote Refinery to directly lift petroleum products for distribution to its members’ depots and retail outlets across the country