The Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) from N990 per litre to N970/litre. This price reduction applies to the amount marketers purchase the product from the refinery.
In a statement, Anthony Chiejina, Group Chief Branding and Communications Officer of the Dangote Group, attributed the price cut to the company’s appreciation for Nigerians’ support and the government’s backing.
The move comes as the downstream oil sector is being deregulated, leading to increased competition among marketers. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that the agreement between IPMAN and the Dangote refinery is pushing down petrol prices.
Chinedu Ukadike, IPMAN spokesman, stated that the direct purchase of products from the refinery would reduce prices. “You would have noticed the drop in prices by N10, N15, or so, and this is due to competition.”
A major oil marketer also confirmed the price drop, attributing it to deregulation. “People are not noticing that prices are going down, primarily because there are no big announcements. Deregulation is in full swing, and competition is the order of the day.”
The development is expected to bring relief to consumers, who have been paying high prices for petrol in recent months.
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