Dangote Refinery Reduces Petrol Costs, Marketers Prepare To Cut Prices Nationwide

Dangote Refinery Reduces Petrol Costs, Marketers Prepare To Cut Prices Nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the reduction in the price of petroleum products from the Dangote Refinery,...READ MORE…

emphasizing its positive impact on creating a more competitive market.

Recall that Dangote Petroleum Refinery announced a price cut for Premium Motor Spirit (PMS), also known as petrol, to ₦970 per litre for oil marketers this past Sunday.

In a statement, Anthony Chiejina, the company’s Chief Branding and Communications Officer, described the price reduction as a gesture of appreciation for Nigerians’ support in bringing the refinery’s vision to fruition.

The new price represents a ₦20 drop from the previous ex-depot price of ₦990 per litre, which was introduced earlier this month.

“We view this adjustment as a way of expressing gratitude to the government for their support, as it aligns with efforts to promote domestic enterprise for the benefit of the nation,” the statement said.

Responding to the news, IPMAN President Shettima Maigandi told The Guardian that the refinery’s price reduction reflected the changing dynamics of the industry, signaling that the market is becoming more competitive, which benefits both marketers and consumers.

Maigandi assured Nigerians that the price cut would soon be reflected at fuel stations nationwide. “With the price reduction from Dangote refinery, we will be lowering our prices accordingly at our stations to pass the benefits on to the public,” he said.

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