JUST-IN: Dangote Refinery Reduces Petrol Price By N10

The Dangote Petrochemicals Refinery has introduced a N10 reduction on the ex-depot price of Premium Motor Spirit (PMS), reducing the cost of petrol for its customers from the official N835 per litre to N825 per litre.

According to Punch, sources familiar with the development said on Monday that while marketers still pay the publicly quoted N835 per litre at the point of purchase, they now receive a N10 refund after successfully loading the products from the refinery.

“The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them,” a source confirmed.

This price adjustment, although unofficial, has enabled Dangote’s customers to retail petrol at a slightly lower price range between N830 and N835 per litre, giving them a competitive edge over importers and private depot operators, many of whom still offer petrol at higher rates.

The development came just weeks after the refinery made two consecutive price cuts within a single week in April, slashing its gantry price from N880 to N835 per litre, a significant N45 drop.

The reductions are believed to be linked to the renewed implementation of the Naira-for-Crude policy, which mandates local refiners to pay in Naira for crude oil supply, following a temporary suspension.

Efforts to obtain an official statement from the Spokesperson of Dangote Group, Anthony Chiejina, on the rebate policy were unsuccessful as of press time.