Business

Dangote Refinery Reduces Petrol Price to Ease Holiday Burden

Dangote Petroleum Refinery has announced a significant reduction in the price of its Premium Motor Spirit (PMS), commonly known as petrol. The company, now competing directly with the Nigerian National Petroleum Company Limited (NNPCL), has dropped its petrol price to ₦899.50 per litre, equivalent to $0.58. This announcement comes just six days before Christmas, aiming to provide relief to Nigerians during the festive season.

Historically, Nigeria has faced fuel scarcity during December’s festive period, causing stress for citizens. While this trend has eased in recent years, many Nigerians still anticipate potential shortages. Dangote Refinery, however, is determined to change this narrative by offering affordable and accessible fuel.

In a statement, the company explained that the price reduction is intended to support Nigerians during the holidays. This marks the second price drop in recent weeks, following a reduction to ₦970 per litre on November 24. The new pricing demonstrates Dangote’s commitment to easing the financial burden on consumers.

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Anthony Chiejina, the spokesperson for Dangote Refinery, highlighted a special holiday offer for consumers. He stated, “To alleviate transport costs during this holiday season, Dangote Refinery is offering petrol at ₦899.50 per litre. Additionally, for every litre purchased on a cash basis, consumers can buy an extra litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

This initiative underscores the company’s dedication to ensuring Nigerians have access to high-quality, competitively priced petroleum products. The refinery also emphasized its role in ending Nigeria’s reliance on substandard imported products, which often harm health, machinery, and the environment.

With a production capacity of 650,000 barrels per day, Dangote Refinery is the largest single-train refinery globally. Its operations are expected to stabilize or reduce petrol prices further, provided crude oil remains around $70 per barrel.

A common question arises: Will NNPCL follow Dangote’s lead in reducing prices? While Dangote’s new pricing is already in effect, NNPCL has yet to adjust its rates at filling stations. Nigerians are eagerly watching to see if the state-owned company will respond to this competitive move.

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This bold step by Dangote Refinery signals a shift in Nigeria’s petroleum industry, bringing hope for more affordable fuel and improved economic stability during the holiday season.

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