DANGOTE Refinery has slashed its petrol price to N899.50 per litre.
The group’s chief branding and communications officer, Anthony Chiejina, announced this in a statement on Thursday, December 19.
The announcement takes effect immediately.
He said the “holiday bonanza” would provide much-needed relief for Nigerians ahead of the holiday season.
The refinery had in November reduced its petrol price after agitations from Nigerians on high energy costs.
“Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on November 24, has now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period,” the refinery said.
The company also introduced a special offer to further benefit consumers, stating that in addition to the holiday discount, it would allow consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
The refinery said it was committed to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine friendly.
According to the refinery, its operations mark the end of Nigeria being a dumping ground for substandard and ‘blended’ imported products, which it said had posed significant risks to human health, machinery, and the environment.
The Dangote Refinery, with a capacity of 650,000 barrels per day (BPD), is the largest single-train refinery in the world, expected to meet 100 per cent of Nigeria’s refined petroleum product requirements, with a surplus available for export.
The ICIR reports since President Bola Tinubu removed subsidy on petrol on the day he took over power on May 29, 2023, many Nigerians have abandoned their vehicles at home and opted for commercial vehicles to go to work or other destinations.
This organisation also reports that many citizens travel during Yuletide, which is a period to reunite with distant relations and take a long rest which the season offers.
The ICIR reported recently that in addition to hardship facing Nigerians, cash scarcity hit businesses nationwide as banks unofficially reduced cash withdrawals across the counter and on the automated teller machines (ATMs).
The Central Bank of Nigeria (CBN) has also recently restricted the amount of cash the point-of-sale operators can give to their customers.
It set a daily cash-out limit of N100,000 per customer transaction on PoS terminals and weekly withdrawals of not more than N500,000, while also setting a cumulative daily limit for each agent’s total cash-out transactions to N1,200,000 daily.
These measures have further compounded the challenges Nigerians face.