Dangote Petroleum Refinery Cuts Petrol Price By 2% To N970 Per Litre

Dangote Petroleum Refinery on Sunday issued a statement revealing that it has reduced the price of petrol (Premium Motor Spirit, PMS) by 2%, bringing it down to N970 per liter from the previous price of N990 per liter.

Group Chief Branding and Communications Officer at Dangote Petroleum Refinery Anthony Chiejina said the price cut was a gesture of appreciation to the people of Nigeria.

"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, Punch reported.

Dangote Refinery also assured the public it will not compromise on the quality of its petroleum products, guaranteeing high-quality, environmentally friendly, and sustainable products.

The refinery emphasized the commitment to increasing production to meet and exceed domestic fuel demand, addressing any concerns about potential supply shortages.

Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesman Chinedu Ukadike said the agreement between them and Dangote was gradually lowering the petrol price.

He explained that just the announcement of the meeting between IPMAN and Dangote caused a drop in prices by about N10 to N15 due to increased competition.

Independent marketers no longer buy from middlemen, but purchase directly from the producer, which was driving the price decrease. Ukadike added that by the end of the year, petrol prices will likely be lower than they were now.

He also mentioned that their agreement with Dangote has already helped reduce the price of refined petroleum products by about N10, and this is just the beginning. He had previously predicted that prices would drop once IPMAN started purchasing directly from Dangote.

The marketers recalled several unsuccessful attempts to buy petrol directly from the Dangote refinery in the past. Both IPMAN and PETROAN said that importing petrol was often cheaper than buying it from the Dangote refinery.

Last week, a new report revealed that the exporting of refined petroleum products by Dangote Refinery to neighboring West African countries can soon affect regional fuel markets.