Dangote Refinery Cuts Petrol Price to ₦899.50/L for Yulitide

Dangote Refinery has made a significant announcement, slashing the price of petrol to ₦899.50 per litre just in time for the holiday season, offering substantial relief to Nigerian consumers

On Thursday, Dangote Refinery took a bold step by reducing the price of its Premium Motor Spirit (PMS), commonly referred to as petrol, to ₦899.50 per litre.

This announcement was made by Anthony Chiejina, the Group Chief Branding and Communications Officer of the Dangote Group.

This price drop, from the previous ₦970 per litre set on November 24, aims to ease the financial burden on Nigerians as they prepare for the festive period.

Chiejina explained, “Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to below ₦900 per litre to provide much-needed relief for Nigerians ahead of the holiday season.”

This move is part of a broader strategy to make fuel more affordable during a time when travel and transport costs typically surge.

New Offers from Dangote Refinery

In an innovative twist to the price reduction, Dangote Refinery has introduced a consumer-friendly offer. For every litre of petrol purchased with cash, buyers can now get an additional litre on credit.

This credit purchase is backed by guarantees from major banks like Access Bank, First Bank, and Zenith Bank.

Chiejina elaborated, “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 ₦899.50 per litre at our truck loading gantry or Single Point Mooring (SPM) facility.”

This initiative not only helps in reducing immediate costs for consumers but also introduces a novel payment system that could encourage more transactions during the holiday rush.

Impact on Nigerian Market

The reduction in fuel prices by Dangote Refinery is a landmark in Nigeria’s petroleum sector. Chiejina emphasized the refinery’s commitment to quality and environmental standards, stating, “We are dedicated to providing Nigerians with high-quality petroleum products at competitive prices, ensuring they are environmentally and engine-friendly.”

This move also signifies the end of Nigeria’s reliance on imported, substandard fuel. Chiejina noted, “The operations of Dangote Refinery mark the end of the country being a dumping ground for substandard and blended imported fuel products,” highlighting the health, environmental, and machinery risks these imports posed.

The strategic decision by Dangote Refinery to lower prices and introduce consumer incentives is seen as part of a larger vision to transform Nigeria’s fuel sector. It’s not just about price reduction but about establishing Dangote Refinery as a leader in quality and service in Africa’s oil sector.

Reactions on social media platforms like X have been overwhelmingly positive, with many Nigerians expressing gratitude for the relief this brings during the festive season.

The move is trending under discussions about fuel pricing and economic strategies, reflecting public interest and support.

What You Should Know

The price slash by Dangote Refinery not only promises immediate relief for Nigerians but also sets a new standard for fuel pricing and consumer benefits in Nigeria, potentially reshaping the market dynamics in the oil sector.