The Dangote Group has announced a reduction in the price of its Premium Motor Spirit (PMS) to N970 per liter.
This was disclosed in a statement issued by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, on Sunday.
Chiejina stated that the refinery has lowered its petrol price for marketers from N990 to N970 per liter, providing them with a N20 discount per liter.
Furthermore, he emphasized that despite the price reduction, the quality of the company’s products remains uncompromised.
What Dangote Refinery is Saying
The statement regarding the price adjustment reads:
“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.
“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.”
What you should know
The recent price reduction by Dangote Refinery to N970 per liter comes at a time of heightened tension between the refinery and some marketers over petrol pricing.
- The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused the refinery of selling petrol at a premium price, arguing that importing petrol could be done at a cheaper cost.
- PETROAN reacted to the pricing from Dangote refinery, describing the N990 price as inconsiderate. Joseph Obele, PETROAN’s National Public Relations Officer, also emphasized the need for competition in the sector to prevent exploitation and profiteering.
- Obele also refuted allegations from Dangote Refinery that PETROAN intends to import substandard products at a lower price, noting that such claims were expected.
- He added that PETROAN has finalized arrangements with its foreign refinery partners and financial backers to import high-quality PMS and sell it at a much lower rate than what is currently available in Nigeria.
However, Dangote denied these claims, maintaining that significantly lower prices may point to compromised product quality or oil theft.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has reached an agreement with Dangote Refinery to lift petroleum products directly from its facility.
The price reduction is seen as a strategic move to address concerns and strengthen relationships with marketers.
