Dangote reduces petrol price by N70, sells to marketers at N900/litre

Dangote Petroleum Refinery on Thursday reduced the price of its Premium Motor Spirit (PMS) product to N900 per litre, calling it a “Holy Bonanza.”

This will be the second time the 650,000 barrel-per-day refinery has reduced its wholesale price, following a reduction weeks ago from N990 per litre to N970.

The current reduction also aligns the price of the product with the imported PMS, for which the African richest man has been criticised.

Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, in a statement, said the reduction would provide the much-needed relief for Nigerians ahead of the holiday season.

Chiejina said marketers would now buy the product at a new price of N899.50 per litre, adding that the reduction is designed to ease transport costs during the festive period.

In addition to the holiday discount, Dangote said consumers could purchase an additional litre of fuel on credit for every litre bought on a cash basis.

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“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,” said Chiejina.

Chiejina stressed the refinery’s commitment to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine-friendly.