In a significant development for the Nigerian fuel market, the Dangote Petroleum Refinery has announced a reduction in the price of its Premium Motor Spirit (PMS) to ₦899.50 per litre, effective December 19, 2024.
This move is intended to ease financial burdens on consumers during the holiday season, a time when travel and transportation costs typically increase.
The price cut comes after an earlier reduction to ₦970 per litre on November 24, 2024. Speaking on this adjustment, Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, remarked:
“This reduction is designed to ease transport costs during the festive period.”
To further support consumers, Dangote Refinery has introduced a special holiday offer. According to Chiejina:
“For every litre purchased with cash, consumers can buy an additional litre on credit, backed by bank guarantees from Access Bank, First Bank, or Zenith Bank.”
This innovative initiative offers immediate financial relief and encourages increased accessibility to fuel during the busy holiday season.
The refinery has also reiterated its dedication to delivering premium quality petroleum products that are both affordable and environmentally sustainable. Chiejina stated:
“We express our gratitude to Nigerians for their continued support and reassure the public of our dedication to easing fuel access and costs during the holiday season.”
The facility aims to eliminate the reliance on substandard fuel imports, which often pose risks to health and machinery, thereby enhancing the overall fuel quality available to Nigerians.
Dangote Refinery
The Dangote Refinery, Africa’s first privately-owned oil refinery, is among the world’s largest single-train refineries, with a processing capacity of 650,000 barrels per day (BPD). This monumental facility is capable of meeting 100% of Nigeria’s refined petroleum product needs, with surplus capacity for export.
The reduction in petrol prices is expected to create a ripple effect across various sectors of the economy. Lower transportation costs will likely translate to reduced prices for goods and services, providing relief to consumers and businesses alike.
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