A slash in the pump price of petrol may be on the way following Dangote Refinery’s reduction of its ex-depot price from N990 to N970 per litre.
The refinery conveyed the new price regime in a statement by its Group Chief Branding and Communication Officer, Anthony Chiejina.
The statement said: “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 at yesterday, a litre of petrol sold for between N1,080 and N,1,090 at stations operated by the Independent Petroleum Marketers Association of Nigeria (IPMAN) members in Lagos.
Major marketers sold it for between N1,060 and N1,080.
A litre of petrol was selling for N1,025 at NNPCL-run retail outlets as of yesterday.
The N20 cut in the Dangote Refinery’s ex-depot price is expected to reflect at the pumps soon.
Petrol retail marketers said they would respond to the cut accordingly.
