In a significant development, oil marketers lifting Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery have reduced the pump price of the product by 11.8%, bringing it down to N939.50 per litre from the previous N1,060 per litre.
This price adjustment is expected to provide much-needed relief to Nigerians, especially as the holiday season approaches.
Price Adjustments Across Major Marketers
Vanguard’s investigations revealed that while petrol was still being sold at N1,060 per litre by many marketers in Lagos as of yesterday, today’s checks show a notable shift. MRS, a major marketer, has already adjusted its pump prices to reflect the new rate.
A visit to MRS’s filling station in Ojota, Lagos, confirmed the new pricing, though the company’s chairman, Alhaji Sayyu Idris Dantata, declined to comment on the matter.
Dangote Refinery’s Role in Price Reduction
Dangote Petroleum Refinery, which supplies PMS to these marketers, played a key role in the price reduction. The refinery announced a cut in its ex-pump price from N970 per litre to N899.50 per litre.
According to the refinery, the move aims to alleviate transportation costs and bring some financial ease to Nigerians during the festive period.
Statement from Dangote Group
Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, stated:
“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.”
Market Reactions and Implications
The price reduction has already started to reflect at filling stations, with several marketers adjusting their prices in line with the refinery’s directive. This development is expected to bring some financial relief to consumers, who have been grappling with high petrol prices in recent months.
Holiday Season Impact
The timing of this price reduction is particularly significant as it coincides with increased travel and transport activities during the festive period. Many commuters and transport operators have welcomed the move, anticipating a reduction in transportation costs.
Further updates on the impact and nationwide implementation of the price slash will be provided as the situation develops.
