The Dangote Petroleum Refinery has announced a significant reduction in Premium Motor Spirit (PMS), commonly known as petrol, to ₦899.50 per litre in a strategic initiative to provide relief during the festive season.
This development follows a previous reduction on November 24, 2024, when the refinery lowered the petrol price to ₦970 per litre. The current decrease aims further to alleviate transportation costs for Nigerians amid the holiday season.
Dangote Refinery’s pricing strategy positions its petrol price significantly below that of the Nigerian National Petroleum Company (NNPC) Limited. As of December 16, 2024, NNPC had reduced its petrol price from ₦1,060 to ₦1,040 per litre, a ₦20 decrease. This competitive pricing by Dangote is expected to influence market dynamics, potentially prompting further price adjustments by other industry players.
In addition to the price reduction, Dangote Refinery has introduced special purchase offers to enhance affordability. For every litre purchased with cash, consumers can buy an additional litre on credit, backed by bank guarantees from Access Bank, First Bank, or Zenith Bank. This initiative is designed to make high-quality petroleum products more accessible during the holiday season.
These strategic price reductions and purchase incentives by Dangote Refinery are poised to provide significant relief to consumers, especially during the high-expenditure festive period. The competitive pricing may also lead to broader market adjustments, potentially resulting in more affordable petrol prices nationwide.
Dangote Refinery’s proactive measures in reducing petrol prices underscore its commitment to supporting Nigerians during economically challenging times. As the holiday season approaches, consumers can anticipate some financial relief in fuel expenses, contributing to a more affordable and joyous celebration period.
