A cut in the pump price of petrol is likely following Dangote Refinery’s reduction of its ex-depot price from N990 to N970 per litre.
The refinery disclosed the new price of PMS in a statement by its Group Chief Branding and Communication Officer, Anthony Chiejina.
The statement read: “Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/Iitre 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 wellbeing.
“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 meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
As of yesterday, a liter of gasoline cost N1,025 at retail establishments operated by NNPCL.
It is anticipated that the N20 reduction in the ex-depot pricing of the Dangote Refinery will soon be reflected at the pumps.
Retail marketers for PETROL stated that they will react appropriately to the cut.
After the Dangote Refinery cut, the Petroleum Products Retail Outlet Owners of Nigeria (PETROAN) stated that it will figure out the logistics before determining new pump pricing.
Dr. Billy Harry, National President of PETROAN, stated that because it involves actual value , the association will not rely on an armchair projection.
He said: We cannot tell you now before the reduction we will work out the logistics and a lower price and the retail outlets will come up.
“We have to work out the logistics first. It is not an armchair projection. It is of real value. PETROAN is having a meeting with Dangote.”
The refinery and the association have been in talks on modalities for selling products to them directly instead of going through the Nigerian National Petroleum Company Limited (NNPCL).
The Independent Petroleum Marketers Association of Nigeria (IPMAN), National President, Alhaji Abubakar Maigandi could not be reached up till last night.
Last month, promoter of the refinery Aliko Dangote and President/Chief Executive of the Dangote Group, said his refinery had more than 500 million litres of petrol in stock.
Earlier this month, IPMAN called on the
refinery to engage stakeholders and review its pricing strategy, saying the refinery prices were higher than other suppliers, making it difficult for independent marketers to sell products.
But last week, IPMAN reached a truce with the refinery to directly lift petroleum products for distribution to its members’ depots and retail outlets across the country.
