THE Dangote Petroleum Refinery on Sunday, November 24, announced a slight reduction in its price of the Premium Motor Spirit (PMS), also known as petrol, to ₦970 per litre for oil marketers.
The company’s chief branding and communications officer, Anthony Chiejina, disclosed this in a statement.
He said the decision is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true.”
According to the statement, the move is a cut from the refinery’s ₦990 ex-depot price announced earlier this month.
“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 partly reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of 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.”
The slash would help marketers save about ₦20 on each litre of petrol bought from the Lekki-based plant.
Informed energy analysts who spoke to The ICIR said Nigerians should expect further price moderation as competition is sustained in the sector with the federal government’s total removal of fuel subsidy.
“We expect that prices continue to moderate in the midst of expected competition in the deregulated petroleum sector. The market is now opened for further price moderation,” an oil sector governance expert, Chiedu Ukadike, said.
“This is what happens when the market is stabilising. There’s also the possibility of the price going down further, “he added.
The ICIR reports that the PMS popularly know as petrol currently sells above N1,050 in several filling stations across the country .
The ICIR also reported that the chairman of Dangote Group, Aliko Dangote, had earlier urged petroleum marketers, including the Nigerian National Petroleum Company Limited (NNPCL) to source petrol directly from his refinery to meet local demands.
Dangote who decried poor patronage from industry stakeholders within Nigeria, confirmed the refinery’s readiness to supply fuel after closed-door talks with President Bola Tinubu at the Aso Rock Villa, Abuja.
He stated that the refinery could produce over 30 million litres of fuel daily at full capacity and was holding 500 million litres in reserve, enough to supply the country for over 12 days without imports.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.